Market Update for Toronto and the GTA for August 2021
Thursday Sep 09th, 2021
It is already that time again for me to connect with you for a quick Residential Market Update. With the end of summer already fast approaching and the fall season upon us, the demand for real estate in this amazing city continues at a pace that could set records by year's end. Sales of all home types for the year are up 52% and prices up almost 18%. The main driving force behind these numbers is the limited number of homes available for sale. The number of active listings is at low levels with less than one month of inventory, approximately only 8200 listings of all home types across the GTA. The Toronto Real Estate Board would record more sales if we had more products to sell, supply cannot keep up with demand.
Condominiums continue to rebound with sales up 11% and prices up just over 9% for the month. Affordability is playing a key role in driving this sector of the market with the price of townhomes to detached homes becoming unattainable for many first time home buyers.
Many buyers look to new construction as a way to enter Toronto's real estate market. With extended deposit structures and not having to close for an approximate four to five year period, when the project is complete. Please contact me to learn more about this process.
It is always a pleasure catching up with you and I am always available to answer any of your real estate questions. I look forward to connecting with you again soon.