Yahoo Finance July Numbers Show Strong Demand Continues for Home Ownership in GTA
TORONTO, Aug. 05, 2021 (GLOBE NEWSWIRE) -- 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. Of specific note is the condominium apartment market, which 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 per cent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by two per cent compared to June.
The MLS® Home Price Index Composite Benchmark was up by 18.1 per cent compared to July 2020. The average price for all home types combined was $1,062,256 – up 12.6 per cent 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 per cent 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.
“There is a huge backlog of people seeking citizenship or permanent resident status in Canada. A large share of these newcomers will ultimately choose to call the GTA home. This means ownership and rental market conditions will remain tight with upward pressure on prices for the foreseeable future. Policy makers at all levels must pursue a coordinated effort to bring on a greater diversity of supply in major metropolitan areas,” said TRREB CEO John DiMichele.
Summary of TRREB MLS® System Sales and Average Price July 1–31, 2021 | ||||||
2021 | 2020 | |||||
Sales | Average Price | New | Sales | Average Price | New | |
City of Toronto ("416") | 3,269 | 1,016,580 | 5,108 | 3,564 | 1,017,744 | 6,963 |
Rest of GTA ("905") | 6,121 | 1,086,650 | 7,443 | 7,469 | 908,212 | 11,156 |
GTA | 9,390 | 1,062,256 | 12,551 | 11,033 | 943,594 | 18,119 |
TRREB MLS® System Sales & Average Price by Home Type July 1–31, 2021 | ||||||
Sales | Average Price | |||||
416 | 905 | Total | 416 | 905 | Total | |
Detached | 850 | 3,271 | 4,121 | 1,633,649 | 1,346,186 | 1,405,478 |
Yr./Yr. % Change | -22.30% | -27.40% | -26.40% | 5.70% | 27.00% | 21.70% |
Semi-Detached | 278 | 590 | 868 | 1,205,814 | 944,062 | 1,027,895 |
Yr./Yr. % Change | -25.30% | -14.90% | -18.50% | 2.10% | 22.10% | 12.20% |
Townhouse | 368 | 1,326 | 1,694 | 893,347 | 837,906 | 849,950 |
Yr./Yr. % Change | -6.10% | -8.70% | -8.20% | 5.10% | 19.30% | 15.90% |
Condo Apartment | 1,756 | 858 | 2,614 | 715,977 | 589,582 | 674,490 |
Yr./Yr. % Change | 4.20% | 17.20% | 8.20% | 4.80% | 11.70% | 6.00% |
July 2021 Year-Over-Year Per Cent Change in the MLS® HPI | |||||
Composite | Single-Family | Single-Family | Townhouse | Apartment | |
TRREB Total | 18.06% | 22.61% | 21.59% | 17.18% | 8.14% |
Halton Region | 22.97% | 23.73% | 25.27% | 19.05% | 15.48% |
Peel Region | 18.72% | 22.23% | 21.90% | 16.93% | 8.33% |
City of Toronto | 10.14% | 14.67% | 13.76% | 11.71% | 6.45% |
York Region | 20.95% | 23.03% | 22.06% | 17.56% | 12.11% |
Durham Region | 31.53% | 31.76% | 32.11% | 31.12% | 22.82% |
Orangeville | 24.75% | 25.39% | 27.11% | 28.11% | 2.24% |
South Simcoe County1 | 31.48% | 33.98% | 33.55% | 20.86% | 16.39% |
Source: Toronto Regional Real Estate Board | |||||
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth | |||||
Year-to-Date Summary of TRREB MLS® System Sales and Average Price July 2021 | ||||||
2021 | 2020 | |||||
Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
City of Toronto ("416") | 27,411 | 1,047,681 | 41,524 | 15,699 | 980,148 | 29,705 |
Rest of GTA ("905") | 52,058 | 1,088,031 | 73,986 | 31,213 | 864,800 | 52,828 |
GTA | 79,469 | 1,074,113 | 115,510 | 46,912 | 903,401 | 82,533 |
YTD TRREB MLS® System Sales & Average Price by Home Type July 2021 | ||||||
Sales | Average Price | |||||
416 | 905 | Total | 416 | 905 | Total | |
Detached | 7,371 | 29,320 | 36,691 | 1,695,541 | 1,320,243 | 1,395,638 |
Yr./Yr. % Change | 58.2% | 60.6% | 60.1% | 15.2% | 30.9% | 26.6% |
Semi-Detached | 2,560 | 4,849 | 7,409 | 1,285,347 | 925,357 | 1,049,743 |
Yr./Yr. % Change | 80.7% | 64.7% | 69.9% | 9.2% | 23.3% | 18.1% |
Townhouse | 3,034 | 10,813 | 13,847 | 926,437 | 836,808 | 856,446 |
Yr./Yr. % Change | 76.3% | 71.1% | 72.2% | 11.3% | 21.7% | 19.2% |
Condo Apartment | 14,277 | 6,519 | 20,796 | 700,061 | 592,454 | 666,329 |
Yr./Yr. % Change | 82.9% | 98.5% | 87.5% | 1.8% | 12.9% | 4.2% |
Source: Toronto Regional Real Estate Board
Seasonally Adjusted TRREB MLS® Sales and Average Price1 | |||||
Sales | Month-over-Month | Average Price | Month-over-Month | ||
July '20 | 9,492 | 41.8% | $951,693 | 5.1% | |
August '20 | 10,612 | 11.8% | $981,680 | 3.2% | |
September '20 | 10,153 | -4.3% | $953,064 | -2.9% | |
October '20 | 9,805 | -3.4% | $957,859 | 0.5% | |
November '20 | 9,412 | -4.0% | $966,317 | 0.9% | |
December '20 | 11,276 | 19.8% | $978,505 | 1.3% | |
January '21 | 11,706 | 3.8% | $1,008,660 | 3.1% | |
February '21 | 12,844 | 9.7% | $1,033,787 | 2.5% | |
March '21 | 12,970 | 1.0% | $1,088,367 | 5.3% | |
April '21 | 10,812 | -16.6% | $1,050,546 | -3.5% | |
May '21 | 9,854 | -8.9% | $1,061,622 | 1.1% | |
June '21 | 9,011 | -8.6% | $1,061,331 | 0.0% | |
July '21 | 8,827 | -2.0% | $1,071,405 | 0.9% | |
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment | |||||
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends. | |||||
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Media Inquiries: Genevieve Grant, Public Affairs Specialist ggrant@trebnet.net 416-443-8159
The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 62,000 residential and commercial professionals connecting people, property and communities.
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