July brought weaker activity for Toronto real estate market
The frenzy that led Canada’s biggest real estate market to unseen activity only a few months ago has waned sharply, with July prices growth and home sales going down in Toronto.
According to the Toronto Regional Real Estate Board (TRREB), there were 9,390 home sales in the Greater Toronto Area last month, marking a 40% decline from May’s record of 15,652. On a seasonally-adjusted basis, the sales fell by 2% compared to June.
TRREB says the average housing price in the GTA was almost unchanged from the previous month at $1,062,256. Nevertheless, it showed an annual gain by 12.6%. The average home price reached a record high of $1,108,453 in May.
“The annual prices growth has slowed down compared to the early spring. However, it was still in the double digits area, meaning Canadian buyers still compete for the property. Such a strong upward pressure on real estate prices will remain unchanged in case of restrained supply, particularly as we’re moving to a rebound in population growth next year,” – noted TRREB Chief Market Analyst Jason Mercer.
Although sales were down in case of all major housing categories tracked by TRREB, home prices saw certain support from the lack of supply. Last month, there were 9,732 active listings, while we’ve seen 11,297 in June.
Sales and Average Price by Home Type July 1-31, 2021:
| Sales | Average price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached houses | 850 | 3,271 | 4,121 | 1,633,649 | 1,346,186 | 1,405,478 |
| Yr./Yr. % Change | -22.3% | -27.4% | -26.4% | 5.7% | 27.0% | 21.7% |
| Semi-Detached houses | 278 | 590 | 868 | 1,205,814 | 944,062 | 1,027,895 |
| Yr./Yr. % Change | -25.3% | -14.9% | -18.5% | 2.1% | 22.1% | 12.2% |
| Townhouses | 368 | 1,326 | 1,694 | 893,347 | 837,906 | 849,950 |
| Yr./Yr. % Change | -6.1% | -8.7% | -8.2% | 5.1% | 19.3% | 15.9% |
| Condos | 1,756 | 858 | 2,614 | 715,977 | 589,582 | 674,490 |
| Yr./Yr. % Change | 4.2% | 17.2% | 8.2% | 4.8% | 11.7% | 6.0% |