Market Watch - July 2021
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!
-Kristina & Rey