By: Gary Singh

GTA Real Estate Market Update August 2021

Tags: TAGS: HOMES FOR SALE. TORONTO. MILTON, BURLINGTON, MISSISSAUGA. OAKVILLE, VAUGHAN, GTA





The Resale Real Estate Statistics for the Month of August 2021 are in and here are the Key Facts


- 8,596 sales reported through Toronto Real Estate Board’s MLS (down 19.9% from August 2020).

- Average selling price of all home types was up 12.6% year over year.

- Only 0.95 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 11.3% 2.5%
Semi Det 4.1% 0.7%
Townhouse 5.9% -1.1%
Condo Towns 11.0% 0.1%
Condo Apartment 7.1% 0.7%
 
Mississauga Statistics – Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 13.4% -4.4%
Semi Det 19.9% 6.4%
Townhouse 17.7% -3.0%
Condo Towns 18.5% 4.2%
Condo Apartment 9.1% 2.0%
 
Brampton Statistics - Year over Year Average Price change
  Yr/Yr Change % Monthly Change %
Detached 28.9% 5.0%
Semi Det 21.4% 3.4%
Townhouse 17.1% 0.9%
Condo Towns 19.1% 3.8%
Condo Apartment 11.2% 0.3%
 
 
 
Milton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 25.3% 1.8%
Semi Det 27.6% 2.2%
Townhouse 20.0% 2.0%
Condo Towns 14.1% -1.5%
Condo Apartment 19.3% 3.4%
 
Oakville Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 23.8% 2.0%
Semi Det 18.7% -8.2%
Townhouse 22.2% 7.9%
Condo Towns -3.0% 8.3%
Condo Apartment 29.7% 27.7%

 
 
The sales volume for the GTA Market was down by 19.9% when compared to August 2020, but sales of condo apartments were up by 11.3%. Number of new listings and active listings were down 43.0% & 50.8% respectively.
 
Detached homes led the price gains last month, coming in at 21.4% year over year increase. Price growth for detached homes in the suburbs outpaced the price growth of detached homes in Toronto.
The inventory level was at 0.95 months at the end of August 2021, which is one of the lowest numbers we have seen this year, mainly due to a drop in the number of 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 July 2021 was $1,070,911, which is up 10.6% ($103,026) 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.