GTA REAL ESTATE MARKET UPDATE - JULY 2021

The Resale Real Estate Statistics for the Month of June 2021 are in and Here are the Key Facts

- 11,106 sales reported through Toronto Real Estate Board’s MLS (up 28.5% from June 2020).

- Average selling price of all home types was up 17.0% year over year.

- Only 1.02 months of standing inventory.

Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.

Toronto Statistics - Year over Year Average price change

	Yr/Yr Change	Monthly Change
Detached	9.6%	-2.7%
Semi Det	-1.6%	-4.5%
Townhouse	13.8%	1.6%
Condo Towns	10.5%	1.5%
Condo Apartment	6.7%	0.1%

 

Mississauga Statistics – Year over Year Average Price change

	Yr/Yr Change	Monthly Change
Detached	24.0%	-1.8%
Semi Det	15.1%	-2.0%
Townhouse	16.3%	-2.3%
Condo Towns	10.8%	-2.4%
Condo Apartment	5.9%	0.9%

 

Brampton Statistics - Year over Year Average Price change

	Yr/Yr Change %	Monthly Change %
Detached	27.0%	0.9%
Semi Det	19.5%	0.7%
Townhouse	16.3%	1.3%
Condo Towns	22.6%	1.5%
Condo Apartment	10.4%	2.1%

 

Milton Statistics - Year over Year Average Price change

	Yr/Yr Change	Monthly Change
Detached	29.3%	-2.0%
Semi Det	23.4%	0.6%
Townhouse	22.5%	1.1%
Condo Towns	18.6%	-0.3%
Condo Apartment	14.1%	2.4%

 

Vaughan Statistics - Year over Year Average Price change

	Yr/Yr Change	Monthly Change
Detached	23.5%	0.4%
Semi Det	19.1%	-0.2%
Townhouse	12.8%	-3.4%
Condo Towns	-5.0%	-3.0%
Condo Apartment	17.5%	-2.2%

 

 

The sales volume for the GTA Market was up by 28.5% when compared to June 2020, but the number of transactions remained below May 2021, which was consistent with the regular seasonal trend.  The rate of growth has slowed down in June 2021, signalling a moderate market over the next few months.
Condominium sales were up 57% year-over-year, outperforming all other segments of the market.   
 
Detached homes led the price gains last month, coming in at 24.8% year over year increase.
The inventory level was at 1.02 months at the end of June 2021, which is similar to months of inventory at the end of April 2021. While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in a strong upward pressure on selling prices. 
 
The average price of a home in the GTA for June 2021 was $1,089,536, which is up 12.6% ($121,651) since Jan 2021.
 
If you are a first time Buyer, this might be a good time to take advantage of historically low interest rates (fixed 5 year rate is under 2%) and buy your first home before the prices go up even higher.

If you need to sell, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings.  The key in the present market is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.