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Monthly Market Update – August 2021

Greater Toronto Area REALTORS® reported 8,596 sales through TRREB’s MLS® System in August 2021 – down by 19.9% compared to the August 2020 record of 10,738.
The condominium apartment market segment bucked the overall sales trend, with year-over-year growth in sales, continuing a marked resurgence in 2021.
The number of new listings entered into the System was down year-overyear by 43%.
“The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes. The federal parties vying for office in the upcoming federal election have all made housing supply and affordability a focal point. Working with provincial and municipal levels of government on solving supply-related issues is much more important to affordability than interfering with consumer choice during the home buying and selling offer process or revisiting demand-side policies that will at best have a short-term impact on market conditions,” said TRREB President Kevin Crigger.
The average selling price for all homes combined was up by 12.6% year-over-year to $1,070,911.
The strongest annual rates of price growth are still being experienced for low-rise home types. However, average condominium apartment price growth is now well-above inflation as well. On a seasonally adjusted basis, the average selling price continued to trend upward in August.
“Sales have accounted for a much higher share of new listings this year compared to last, and the story was no different in August. There has been no relief on the supply side for home buyers, in fact, competition between these buyers have increased. As we move toward 2022, expect market conditions to become tighter as population growth in the GTA starts to trend back to pre-COVID levels,” said TRREB Chief Market Analyst Jason Mercer.
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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