Real Estate sales stay steady as Toronto continues to reopen

Looking back at 2020, the month of June was a busy one for Realtors as the market shook off uncertainty after the start of the pandemic in March. A year later and home sales are up 28.5%. Compared month-over-month, sales are lower than the peak we just experienced in March 2021 and what was reported for May, but consistent with the regular seasonal trend and still at historic numbers overall.

The average selling price in June increased by double digits compared to last year as well, but the annual rate of increase moderated compared to the previous three months. Month-over-month, June saw a decrease of just $18,917 in the average selling price compared to May. This decrease is consistent with the regular seasonal trend, but as you can see in the charts below, sale prices have reached historic numbers overall.

“We have seen market activity transition from a record pace to a robust pace over the last three months. While this could provide some relief for homebuyers in the near term, a resumption of population growth based on immigration is only months away. While the primary focus of policymakers has been artificially curbing demand, the only long-term solution to affordability is increasing supply to accommodate perpetual housing needs in a growing region,” said TRREB President Kevin Crigger.

In all major market segments, year-over-year growth in sales well outpaced growth in new listings over the same period, pointing to the continuation of tight market conditions characterized by competition between buyers and strong price growth.

While price growth continued to be driven by the low-rise segments of the market, it is important to note that the average condominium apartment price was up by more than eight percent compared to June 2020, well outstripping inflation. Year-over-year sales growth was also strongest in the condominium apartment segment, both in the City of Toronto and some of the surrounding suburbs.

If you have any questions or would like more information on recent home sales in your neighbourhood, please don't hesitate to get in touch.

Suzanne Lewis
Sales Representative
Keller Williams Advantage Realty
416.856.1937
suzanne@suzannelewis.ca