A new report by Toronto Regional Real Estate Board is (TREB) revealed that June 2021 home sales were up compared to 2020, but was low when compared to its peak in March 2021.
The June 2021 MLS Home Price Index revealed that average selling price for all home types combined was up by 17 per cent when compared to the same period last year to $1,089,536.
“We have seen market activity transition from a record pace to a robust pace over the last three months. While this could provide some relief for home buyers in the near term, a resumption of population growth based on immigration is only months away. While the primary focus of policymakers has been artificially curbing demand, the only long term solution to affordability is increasing supply to accommodate perpetual housing needs in a growing region,” said TRREB President Kevin Crigger.
TREB notes that the reason for the dramatic sales in real estate is due to “tight market conditions characterized by competition between buyers and strong price growth.”
The average condominium apartment price was up by 8.3 percent compared to June 2020 to $683,479.