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!
-Kristina & Rey