August sales on TREB were 6,800 units, an increase of 8.5% over August of 2017. Sales were also level with those in July which is normal in terms of seasonality. In terms of sales, we have definitely passed the bottom but of most concern is what does the fall market look like? ‘New’ listings in August were 6% higher than August of last year (more supply).
Making recent news is a Brokerage who is suing for commission from a Seller on a deal that did not close. Agents work on commission but that does not mean that they work for free. For Sellers, when you sign a listing agreement it states that you owe a commission on the successful completion of your sale. What happens if the Seller accepts an offer and the sale does not complete and close?
Living and owning in downtown Toronto has its challenges. Prices are high. Bank of Canada Governor Poloz did not help matters recently by telling millennials to just buy a cheaper house. If they cannot afford 400 sq.ft. downtown, how much smaller do you think these people should go Mr. Poloz?
Sales on the Toronto Real Estate Board were 8,082 units in June. That was up 2.4% over June of last year (the first time this year) and more importantly up 4.3% from May. Remember we were expecting sales to be lower in June. The market turned upward again in the last 10 days of June. At the same time, ‘new’ listings in June were 19% lower than for June of last year and ‘active’ listings are now only 6% higher than a year ago at this time.