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.
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-Kristina & Rey