Toronto Market Report

Home sales in the Greater Toronto Area (GTA) were down 8.6 per cent for July 2021 from July 2020. The average sales price year-over year saw the biggest increase in townhomes which were up 8.5 percent from July 2020 with an average price of $1,172,796.

There were nearly 9,400 sales reported in July 2021 in Toronto. Demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.

TRREB President Kevin Crigger said that the demand for ownership housing has remained strong despite a pandemic-related lull in population growth. The condominium apartment market has also seen a market turn-around in 2021 with sales up compared to last year. He also mentioned that first-time homebuyers remain very active in the marketplace.

Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021 – down by 14.9 percent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by two per cent compared to June.

The MLS® Home Price Index Composite Benchmark was up by 18.1 per cent compared to July 2020. The average price for all home types combined was $1,062,256 – up 12.6 percent compared to July 2020. The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto. On a seasonally adjusted basis, the average price was up by 0.9 percent compared to June.

“The annual rate of price growth has moderated since the early spring but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022,” said TRREB Chief Market Analyst Jason Mercer

Read more about the Toronto July 2021 Market Report here:

Posted by Kevin Sharpe on
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