The Real Estate Market is Following Traditional Real Estate Cycles<\/h2>\n\n\n\n
The trend for sales has followed the more traditional real estate cycles and has experienced an expected dip in July, compared to June<\/strong><\/a>. \u201cIn a normal year, the real estate market follows cycles where home sales and new listings increase, and other times when they slow,\u201d Zoocasa Managing Broker, Claudio Castro explained. \u201cThe dip in sales we\u2019re seeing month-over-month follows the summer trend, as many people are away on holidays or traveling and less involved in the real estate market.\u201d <\/p>\n\n\n\n The Toronto and GTA markets remain balanced compared to July of last year<\/strong><\/a>, and as buyers have gained access to more options and bargaining power, it has helped moderate the annual rate of price growth. The average selling price was up 1.2% to $1,074,754, compared to July 2021.\u00a0<\/p>\n\n\n\n The stand-out property type in Toronto and the GTA is condo apartments. Year-over-year, the average price for the property type in the GTA has grown by 11.9%, the largest year-over-year average price growth of any property type in Toronto and the GTA today. There were 1,365 sales of condo apartments last month in Toronto and the GTA, and the demand is second only to detached properties, which saw 2,203 total sales in July 2022. \u201cIn much of 2020 and 2021, buyers lost interest in condo apartments and many had their eyes set on a freehold property, which drove down the price of condos,\u201d Castro continued. \u201cCondo apartments are still the most affordable property type in Toronto and the GTA and as buyers have shifted their focus from properties with backyards and more work-from-home space to affordability, the demand for condos, especially in the GTA, is growing quickly.\u201d <\/p>\n\n\n\n Peel Region and York Region had the most condo apartment sales in the GTA in July, with 154 and 145 sales respectively. This is important for both prospective condo buyers and sellers. These regions are more affordable compared to the City of Toronto, as the average price of a condo apartment in Peel Region last month was $616,876 and in York Region it was $687,843. In Toronto, the average price was $744,092. These markets are worth exploring for prospective buyers shopping for a condo and those that are considering selling should be aware that the demand is high. <\/p>\n\n\n\n There were 26 condo apartment sales in July in Brampton, with an average price of $561,538. The city saw 88 new condo apartment listings enter the market with an average of 23 listing days on market. <\/p>\n\n\n\n\nMany Buyers Have Their Sights Set on Condo Apartments <\/h2>\n\n\n\n
![\"An](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/08\/Z1008-Blog-Infographic_TRREB_July22-10-478x1024.jpg\")
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<\/figure>\n\n\n\nCondo Apartments For Sale in Peel Region and York Region<\/h2>\n\n\n\n
Brampton<\/a><\/h3>\n\n\n\n