NEWS

Tighter market conditions remain to be seen as the demand for home ownership remains strong while the supply of listings is still down. This has resulted in sustained competition between buyers and, consequently, double digit annual increases in selling prices. The average selling price for all homes combined was up by 12.6% year over year to $1,070,911. It seems that the strongest annual rates of price growth are still being experienced in the low-rise home types. However, the condo market showed year-over-year growth in sales, which appears to be continuing a marked resurgence in 2021.


TRREB MLS Sales & Average Price by Major Home Type (August 1 – 31, 2021)

It’s clear that the supply of homes is not keeping up with the pace of demand and it is anticipated that this situation will likely worsen once immigration into Canada resumes once again. Provincial and municipal levels of government need to work on solving the supply related issues is more important to affordability than trying to interfere with the home buying and selling offer process or revisiting demand-side policies as these will likely only have short-term impacts on the market, at best.


We are more than happy to provide any advice and guidance in this incredibly competitive market. Please feel free to reach out to us to get a market evaluation of your home and neighbourhood to obtain an accurate estimate for your property when considering listing your home. Similarly, if in the market to purchase a home, a real estate agent can maintain a pulse on the market values in the neighbourhood being looked into.


Whether you are looking to buy or sell, please do not hesitate to contact us any time for advice, discuss strategy, goals and objectives. We would be glad to answer your questions.

It’s our family helping yours!


Keep safe.


-Kristina & Rey


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Demand for home ownership remained well above the average for this time of year, although it was still below the July record set a year earlier. The condominium market especially has seen a turn-around in 2021 with sales up compared to last year. The number of sales were down by 14.9% compared to July 2020, but the continuing strong demand resulted in the average price for all home types to be up 12.6% year over year, sitting at $1,062,256. The annual price growth has seemed to be moderated a bit since early spring, but in the absence of more supply, the upward pressure on home prices will likely remain, especially with the estimated population growth in 2022.


TRREB MLS Sales & Average Price by Major Home Type (July 1 – 31, 2021)

With a huge backlog of individuals and families seeking citizenship or permanent resident status, we believe that many newcomers will choose the Greater Toronto Area to call home. What this potentially means is that tight market conditions will for both home ownership and rental, which will result in upward pressures on prices.


If you are looking to get an opinion from a real estate agent or are seeking any advice or guidance, please feel free to reach out to us at anytime. We are more than happy to help or answer any questions you may have.


It’s our family helping yours!


Keep safe.


-Kristina & Rey


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Home sales remained below the March 2021 peak, however, were up from last year. There were also a lower number of transactions reported May 2021, which is consistent with the regular seasonal trend, but the number of sales was up by 28.5% compared to June 2020. The average selling price for all home types combined was up by 17% year-over-year to $1,089,536. However, it is also important to note that the year-over-year sales growth was strongest in the condominium apartment segment both in the City of Toronto and some of the surrounding suburbs.


TRREB MLS Sales & Average Price by Major Home Type (June 1 – 30, 2021)

Over the last three months, it seems that market activity has transitioned from a record pace to a more robust pace. While this may provide some short term relief for home buyers, it’s anticipated that population growth will resume with immigration in the coming months. As such, an increase in supply to meet perpetual housing needs is probably the only long term solution to affordability.


Please feel free to reach out to us at any time if you are looking to get an opinion from a real estate agent or are seeking any advice or guidance. We are more than happy to help or answer any questions you may have.


It’s our family helping yours!


Keep safe.


-Kristina & Rey


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