August 5, 2021 | Buying

With almost 9,400 sales reported in July 2021, the demand for ownership housing remained well above the standard for this time of year despite being lower than the record July result we saw last year. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to what we saw last year. The Sellers’ market conditions sustained a double-digit annual rate of price growth.

The strength in demand for ownership housing has remained consistent despite a pandemic-related pause in population growth. Focusing primarily on the condominium apartment market, we’ve seen a marked turn-around in 2021 with sales up compared to last year. First-time Buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in today’s market.

Realtors in the GTA reported 9,390 sales through TRREB’s MLS System in July 2021 – these numbers declined by 14.9% compared to the 11,033 sales we saw in July last year. On a seasonally adjusted basis, July sales were down by 2% compared to June.

The MLS® Home Price Index Composite Benchmark was up by 18.1% compared to July 2020. The average price for all home types combined was $1,062,256 – up 12.6% compared to July 2020. The detached housing market showed the most promising price growth, primarily driven by sales in Toronto’s suburban regions.

The annual rate of price growth has toned down since the early spring but has certainly remained in the double digits. This means that many households are still competing very hard to secure 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.

There is no doubt that transacting in Real Estate has certainly transformed- Throughout this pandemic we have had the pleasure of servicing a number of our clients, resulting in successful and most of all SAFE transactions throughout. Severe precautions are in place, and while we keep those in the forefront, we are still here to offer our guidance and expertise to help you make the next real estate move that is right for you and find ways to take advantage of the current Toronto Real Estate Market. Contact us today for a no-obligation discussion on how we can help you throughout your real estate journey.