The Toronto Regional Real Estate Board (TRREB) latest report revealed that July was strong for home ownership.
TRREB reported that there were 9,390 sales in July in the Greater Toronto Area (GTA), which is actually a 14.9% drop from July 2020 with 11,033 properties were sold.
“Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year,” said TRREB’s president, Kevin Crigger. “First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the marketplace.”
The Greater Toronto Area’s detached segment accounted for 4,121 homes bought and sold, however, this was a 26.4% decline from the same period last year. Sales for condos increased in both the GTA, increasing 4.2% and 17.2% in the ‘416’ and ‘905’.
The MLS Home Price Index Composite Benchmark revealed the average home price was $1,062,256 in July, up 12.6% over June 2020. The average price of a condo in the 416 in July was $700,061, while the 905 was $592,454.
“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.