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Monthly Market Update – June 2021

TORONTO, ONTARIO, July 6, 2021 – June home sales were up compared to last year, but remained below the March 2021 peak and were lower than the number of transactions reported for May 2021, consistent with the regular seasonal trend.

The average selling price in June increased by 17% to $1,089,536 compared to last year, and the annual rate of increase moderated compared to the previous three months.

Greater Toronto Area REALTORS® reported 11,106 sales through TRREB’s MLS® System in June 2021 – up by 28.5% compared to June 2020. Looking at the GTA as a whole, year-over-year sales growth was strongest in the condominium apartment segment, both in the City of Toronto and some of the surrounding suburbs.

On a month-over-month basis, both actual and seasonally adjusted sales continued to trend lower in June. “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 homebuyers 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.

In all major market segments, year-over-year growth in sales well outpaced growth in new listings over the same period, pointing to the continuation of tight market conditions characterized by competition between buyers and strong price growth. On a month-over-month basis, both actual and seasonally adjusted average prices edged lower in June.

 While price growth continued to be driven by the low-rise segments of the market, it is important to note that the average condominium apartment price was up by more than 8% compared to June 2020, well outstripping inflation. (Courtesy of TREB)

If you'd like more information, or if you have a question that's not covered here, please ask me  — I'll be happy to help.

 



Monthly Market Update - August 2021.
Monthly Market Update - July 2021.
Monthly Market Update - June 2021.
Monthly Market Update - May, 2021.
Overview of year 2020 and January 2021.
Monthly Market Update - November 2020.
Monthly Market Update - October 2020.
Monthly Market Update - September 2020.
Monthly Market Update - August 2020.
Monthly Market Update - June 2020.
Monthly Market Update - February 2020
Monthly Market Update - January 2020.
Monthly Market Update - December 2019
Monthly Market Update - November 2019
Monthly Market Update - October 2019
Monthly Market Update - September 2019
Monthly Market Update - August 2019
Monthly Market Update - July 2019
Monthly Market Update - June 2019
Monthly Market Update - May 2019
Monthly Market Update - April 2019
Monthly Market Update - March 2019
Monthly Market Update - February 2019
Monthly Market Update - January 2019.
Monthly Market Update - December 2018
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