Here are the statistics for last month:

Over the last 5 years, the average number of condos on the market for sale in July has been 1167. This past July we had only 597, available inventory is still less than half as typical.

Over the last 5 years, the average number of condos on the market that sold in July has been 419. This past July we had 384 sales... demand was a little lower than normal.

Low supply is keeping us in a Seller's market. There is a significant shortage of condos for sale putting upward pressure on prices.

The median price of a downtown condo was almost flat from $600,500 in June to $598,000 in July.
 

In July, the average price of a detached home was almost flat at $1,350,700. Since January 2017, home prices are now up 1.1% while condos are up 29.9%. 

Trying to find a small unit downtown to buy or rent is extremely hard right now. Smaller condos priced accurately are selling within days and rental units are impractically hard to find. What makes August such an unusually hard time? The returning students that go to the University of Toronto, Ryerson, George Brown and OCAD. How many thousands of students are fighting over the couple hundred affordable places to buy or rent? We're seeing rental units in bidding wars, suites rented within hours of being listed sight unseen. 

A reasonable landlord should have no vacancy if they're within walking distance to any of these schools. This is also good to keep in mind as one of the best times to sell in these areas is July/August. We also see less price volatility when the market slows but values very typical of other areas downtown. If you're looking for an entry level investment condo, these areas are among the best.