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Monthly Market Update – July 2021

With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.

“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. The condominium apartment market has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place,” said TRREB President Kevin Crigger.

 Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021 – down by 14.9% compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by 2% compared to June.

The average price for all home types combined was $1,062,256 – up 12.6% compared to July 2020.

 The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto. On a seasonally adjusted basis, the average price was up by 0.9% compared to June.

“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.(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 - September 2021.
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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