Toronto Market Report
Home sales in the Greater Toronto Area (GTA) were down 10.7 percent for August 2021 from August 2020. The average sales price year-over-year saw the biggest increase in detached homes which were up 11.2 percent from August 2020 with an average price of $1,674,641.
The Toronto Regional Real Estate Board (TRREB) is reporting the third-best sales result on record for the month of August. While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices.
Greater Toronto Area REALTORS® reported 8,596 sales through TRREB’s MLS® System in August 2021 – down by 19.9 percent compared to the August 2020 record of 10,738. The condominium apartment market segment bucked the overall sales trend, with year-over-year growth in sales, continuing a marked resurgence in 2021. The number of new listings entered into the System was down year-over year by 43 percent. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes.
The August 2021 MLS® Home Price Index Composite benchmark was up by 17.4 percent year-over-year. The average selling price for all homes combined was up by 12.6 percent year-over-year to $1,070,911. The strongest annual rates of price growth are still being experienced for low-rise home types. However, average condominium apartment price growth is now well-above inflation as well. On a seasonally adjusted basis, the average selling price continued to trend upward in August.
Read more about the Toronto July 2021 Market Report here: https://trreb.ca/files/news_releases/news2021/nr_market_watch_0821.pdf
Posted by Kevin Sharpe on