Throughout the summer, the seller’s market continued across the GTA. The demand for housing is higher than normal even though we have seen a decrease in sales in July compared to last year, with only 9,390 sales reported.
The need for housing has been unwavering despite the pandemic. The TRREB President Kevin Crigger noted, “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 market place.”
Amongst the suburban areas of the GTA, detached properties have had the strongest increase in prices. The average detached prices were up 0.9% compared to last month and the average prices for all home types increased 12.6% compared to July 2020. According to TRREB Chief Market Analyst Jason Mercer, “The annual rate of price growth has moderated since the early spring, but has remained in the double digits.” Unfortunately, for home buyers “this means that many households are still competing very hard to reach a deal on a home,” said TRREB Chief Market Analyst Jason Mercer.
With the continuation of the seller’s market and the low inventory, it is the ideal time to list your home. Contact us today to receive a free home evaluation. Let us be your trusted agent in real estate!