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July Numbers Show Strong Demand Continues for Home Ownership in GTA

·6-min read

TORONTO, Aug. 05, 2021 (GLOBE NEWSWIRE) -- With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.

“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,” said TRREB President Kevin Crigger.

Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021 – down by 14.9 per cent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by two per cent compared to June.

The MLS® Home Price Index Composite Benchmark was up by 18.1 per cent compared to July 2020. The average price for all home types combined was $1,062,256 – up 12.6 per cent compared to July 2020. The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto. On a seasonally adjusted basis, the average price was up by 0.9 per cent compared to June.

“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.

“There is a huge backlog of people seeking citizenship or permanent resident status in Canada. A large share of these newcomers will ultimately choose to call the GTA home. This means ownership and rental market conditions will remain tight with upward pressure on prices for the foreseeable future. Policy makers at all levels must pursue a coordinated effort to bring on a greater diversity of supply in major metropolitan areas,” said TRREB CEO John DiMichele.

Summary of TRREB MLS® System Sales and Average Price July 1–31, 2021

2021

2020

Sales

Average Price

New
Listings

Sales

Average Price

New
Listings

City of Toronto ("416")

3,269

1,016,580

5,108

3,564

1,017,744

6,963

Rest of GTA ("905")

6,121

1,086,650

7,443

7,469

908,212

11,156

GTA

9,390

1,062,256

12,551

11,033

943,594

18,119


TRREB MLS® System Sales & Average Price by Home Type July 1–31, 2021

Sales

Average Price

416

905

Total

416

905

Total

Detached

850

3,271

4,121

1,633,649

1,346,186

1,405,478

Yr./Yr. % Change

-22.30%

-27.40%

-26.40%

5.70%

27.00%

21.70%

Semi-Detached

278

590

868

1,205,814

944,062

1,027,895

Yr./Yr. % Change

-25.30%

-14.90%

-18.50%

2.10%

22.10%

12.20%

Townhouse

368

1,326

1,694

893,347

837,906

849,950

Yr./Yr. % Change

-6.10%

-8.70%

-8.20%

5.10%

19.30%

15.90%

Condo Apartment

1,756

858

2,614

715,977

589,582

674,490

Yr./Yr. % Change

4.20%

17.20%

8.20%

4.80%

11.70%

6.00%


July 2021 Year-Over-Year Per Cent Change in the MLS® HPI

Composite
(All Types)

Single-Family
Detached

Single-Family
Attached

Townhouse

Apartment

TRREB Total

18.06%

22.61%

21.59%

17.18%

8.14%

Halton Region

22.97%

23.73%

25.27%

19.05%

15.48%

Peel Region

18.72%

22.23%

21.90%

16.93%

8.33%

City of Toronto

10.14%

14.67%

13.76%

11.71%

6.45%

York Region

20.95%

23.03%

22.06%

17.56%

12.11%

Durham Region

31.53%

31.76%

32.11%

31.12%

22.82%

Orangeville

24.75%

25.39%

27.11%

28.11%

2.24%

South Simcoe County1

31.48%

33.98%

33.55%

20.86%

16.39%

Source: Toronto Regional Real Estate Board

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth


Year-to-Date Summary of TRREB MLS® System Sales and Average Price July 2021

2021

2020

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

27,411

1,047,681

41,524

15,699

980,148

29,705

Rest of GTA ("905")

52,058

1,088,031

73,986

31,213

864,800

52,828

GTA

79,469

1,074,113

115,510

46,912

903,401

82,533


YTD TRREB MLS® System Sales & Average Price by Home Type July 2021

Sales

Average Price

416

905

Total

416

905

Total

Detached

7,371

29,320

36,691

1,695,541

1,320,243

1,395,638

Yr./Yr. % Change

58.2%

60.6%

60.1%

15.2%

30.9%

26.6%

Semi-Detached

2,560

4,849

7,409

1,285,347

925,357

1,049,743

Yr./Yr. % Change

80.7%

64.7%

69.9%

9.2%

23.3%

18.1%

Townhouse

3,034

10,813

13,847

926,437

836,808

856,446

Yr./Yr. % Change

76.3%

71.1%

72.2%

11.3%

21.7%

19.2%

Condo Apartment

14,277

6,519

20,796

700,061

592,454

666,329

Yr./Yr. % Change

82.9%

98.5%

87.5%

1.8%

12.9%

4.2%

Source: Toronto Regional Real Estate Board

Seasonally Adjusted TRREB MLS® Sales and Average Price1

Sales

Month-over-Month
% Chg.

Average Price

Month-over-Month
% Chg.

July '20

9,492

41.8%

$951,693

5.1%

August '20

10,612

11.8%

$981,680

3.2%

September '20

10,153

-4.3%

$953,064

-2.9%

October '20

9,805

-3.4%

$957,859

0.5%

November '20

9,412

-4.0%

$966,317

0.9%

December '20

11,276

19.8%

$978,505

1.3%

January '21

11,706

3.8%

$1,008,660

3.1%

February '21

12,844

9.7%

$1,033,787

2.5%

March '21

12,970

1.0%

$1,088,367

5.3%

April '21

10,812

-16.6%

$1,050,546

-3.5%

May '21

9,854

-8.9%

$1,061,622

1.1%

June '21

9,011

-8.6%

$1,061,331

0.0%

July '21

8,827

-2.0%

$1,071,405

0.9%

Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment

1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.

FOR THE FULL REPORT CLICK HERE.

Media Inquiries: Genevieve Grant, Public Affairs Specialist ggrant@trebnet.net 416-443-8159

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 62,000 residential and commercial professionals connecting people, property and communities.

www.trreb.ca/

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