Listings are at an all time low but demand for home ownership remain strong driving double digit increase.
- TRREB reported 8,596 sales this past month, a decrease of 19.9% from August 2020.
- The average sale price was $1,070,911, a 12.6% jump from August 2020.
- Although there was a decrease in the number of sales, the average sale price increased meaning buyer competition and demand for home ownership remain strong.
- TRREB President Kevin Crigger says, “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.”
- Low-rise home types continue to experience the strongest growth. However, average condominium apartment price growth is now well-above inflation as well.
- “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.
Want more detail? Check out TRREB's Full Report
August 2021 vs. August 2020
August 2021 vs. July 2021
Click here to see Toronto Real Estate Board's Full Report
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