By: Gary Singh

GTA Real Estate Market Update August 2021

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

 




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


- 9,390 sales reported through Toronto Real Estate Board’s MLS (down 14.9% from July 2020).

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

- Only 1.04 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 6.0% -2.2%
Semi Det 2.1% -4.8%
Townhouse 8.6% -5.9%
Condo Towns 9.3% -2.6%
Condo Apartment 4.8% -0.2%

Mississauga Statistics – Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 21.5% 1.8%
Semi Det 16.4% 0.8%
Townhouse 24.8% 7.2%
Condo Towns 18.2% 1.4%
Condo Apartment 7.6% -0.7%
 
Brampton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 22.9% 1.5%
Semi Det 17.9% 0.7%
Townhouse 18.7% 2.0%
Condo Towns 14.5% -1.8%
Condo Apartment 11.6% -0.1%
 
Milton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 22.2% -1.8%
Semi Det 23.2% 3.5%
Townhouse 18.7% -2.0%
Condo Towns 18.3% -2.7%
Condo Apartment 16.5% -1.8%
 
Oakville Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 27.0% 2.5%
Semi Det 32.1% 1.8%
Townhouse 14.9% -0.2%
Condo Towns 12.6% -9.7%
Condo Apartment 2.2% -7.8%

 
The sales volume for the GTA Market was down by 14.9% when compared to July 2020, Market conditions tightened relative to July 2020, with sales accounting for a greater share of new
listings compared to last year. Number of new listings and active listings were down significantly as well.
 
Detached homes led the price gains last month, coming in at 21.7% year over year increase. Price growth for detached homes in the suburbs outpaced the price growth of detached homes in Toronto, by double digits.
The inventory level was at 1.04 months at the end of July 2021, which is similar to months of inventory at the end of June 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 July 2021 was $1,062,256, which is up 9.8% ($94,371) 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.