Latest stats from the regional real estate board shows continued demand in the Toronto housing market
Home sales in the Toronto region have eased in recent months and that trend continued in July according to new stats released today (Aug.5).
There were 9,390 sales recorded by the MLS system of the Toronto Regional Real Estate Board (TRREB) last month, down almost 15% year-over-year and down 2% on a seasonally-adjusted basis from June 2021.
“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has 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 the marketplace,” said TRREB President Kevin Crigger.
However, supply remains tight, and listings were down by almost one third, helping to drive prices higher with the MLS HPI benchmark up 18% compared to July 2020.
Average price
The average price of a home in the Greater Toronto Area (GTA) was $1,062,256, a rise of 12.6% year-over-year, driven by detached homes in suburban areas around Toronto.
On a seasonally-adjusted basis prices were up 0.9% month-over-month.
“The annual rate of price growth has moderated since the early spring but has remained in the double digits. This means that many households are still competing very hard to reach 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,” said TRREB Chief Market Analyst Jason Mercer.
With an expected uptick in immigration ahead, the market is likely to remain tight with prices rising for the foreseeable future.
