Central Toronto Real Estate TRREB Released August, 2021 Resale Market Figures
The Toronto Regional Real Estate Board (TRREB) is reporting the third-best
sales result on record for the month of August, 2021. While the market has
taken its regular summer breather, it is clear that the demand for ownership
housing remains strong. At the same time, the supply of listings is down.
The result has been tighter market conditions and sustained competition
between buyers, resulting in double-digit annual increases in selling prices.
Greater Toronto Area REALTORS® reported 8,596 sales through TRREB’s
MLS® System in August 2021 – down by 19.9 per cent compared to the
August 2020 record of 10,738. The condominium apartment market segment
bucked the overall sales trend, with year-over-year growth in sales, continuing
a marked resurgence in 2021. The number of new listings entered into
the System was down year-over-year by 43 per cent.
The fact that new listings were at the lowest level for the past decade is
alarming. It is clear that the supply of homes is not keeping pace with
demand, and this situation will become worse once immigration into
Canada resumes. The federal parties vying for office in the upcoming
federal election have all made housing supply and affordability a focal
point. Working with provincial and municipal levels of government on
solving supply-related issues is much more important to affordability
than interfering with consumer choice during the home buying and
selling offer process or revisiting demand-side policies that will at
best have a short-term impact on market conditions.
The August 2021 MLS® Home Price Index Composite benchmark was up by
17.4 per cent year-over-year. The average selling price for all homes
combined was up by 12.6 per cent year-over-year to
$1,070,911. The strongest annual rates of price growth are still
being experienced for low-rise home types. However, average
condominium apartment price growth is now well-above inflation as well.
On a seasonally adjusted basis, the average selling price continued to trend
upward in August, 2021.
Sales have accounted for a much higher share of new listings this year
compared to last, and the story was no different in August. There has been
no relief on the supply side for home buyers, in fact, competition between
these buyers have increased. As we move toward 2022, expect market
conditions to become tighter as population growth in the GTA
starts to trend back to pre-COVID levels.
With a federal election just weeks away, we are calling on all political
parties to continue focusing on housing policies that address supply
and affordability across the country. Bold action, not promises, are
needed to ensure that Canada has a stable and sustainable housing
market now and in the decades to come. This will ensure that the Greater
Golden Horseshoe remains competitive on the global stage, in terms of
attracting businesses and households to the region.
Source: https://trreb.ca/
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Thinking to sell your house or Condo in Central Toronto areas and/or in downtown Toronto areas? Please visit http://www.TorontoHomesMax.com for a FREE Home Evaluation“ or please call, text or email Max Seal, Broker at 647-294-1177. NO obligation.
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