A new report from the Toronto Regional Real Estate Board (TRREB) shows that there were 9,390 home sales in Toronto during July 2021.
This is a 14 percent drop compared to a year ago. In July 2020, 11,033 properties were sold. Compared to June 2021, there were two percent fewer homes sold.
To help rationalize this, the TRREB says that July saw fewer new listings hit the market than in 2020 as well. In July of 2021, there were only 12,551 new homes listed, and in the previous July, there were 18,119.
That all being said, the Toronto area population growth has also slowed due to Covid, which could help justify the lower amount of residential sales.
To be more specific, the TRREB found that most sales from last month were of detached homes, with the only Condo growth in the 905 and 416 area codes, which take up a lot of the GTA and downtown Toronto. It also found that the average home price is around $1,062,256, up around 12 percent from last year.
Condo prices are also up. However, they’ve only risen six percent to $674,490.