Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our AUGUST 2021 Toronto real estate market report.
There was a big drop in the listing inventory during August as families took the freedom from Covid to travel...
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
August numbers surprised analysts with 8,596 sales of houses and condos across the GTA. This is the third highest number of sales for August since 2000. A low supply of inventory contributed to keeping sales numbers down.
Sales were down 20% overall from August 2020 although last year the market really took off during the summer. Sales were down just 800 homes from this July.
Condo townhouse and high-rise suites took a much higher percentage of sales in August (38.1%) than normal signalling condos are back in demand. 3,277 units were sold in the month making that the 2nd highest-ever for the month of August.
The August 2021 average sale price for all GTA homes came in at $1,070,911… a big 12.6% increase compared to one year ago. If you compare this August to August 2019, two years ago, the average sale price is up 35%.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The ‘active listing’ inventory average for the month of August was down 51% compared to last year at this time with 8,201 active listings this year.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
With our busy market… the August ratio bumped up to 104.8% which is representative of an extremely busy seller’s market.
The days-on-market average for GTA / Toronto homes was 1 day slower at 16 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in AUGUST 2021 as we come to 17 months since the start of the coronavirus pandemic.
- August sales (8,596) were 20% below last year but still were the 3rd highest ever for the month of August on TRREB
- The ratio of sales-to-listings rose to 104.8% in August– leaving us still in extreme seller market territory
- The August average sale price came in at a close-to-record $1,070,911– and stayed steady at 12.6% above one year ago and 35% above the August average in 2019.
- The GTA real estate market overall averaged a quick 16 days-on-market
- Detached home sales in August 2021 with a purchase price over $2,000,000 were up 17% (440 houses) while condo apartment sales over $2M were up 61% (29 suites) compared to August 2020
- The CONDO townhouse / highrise share of the market came in at a big 38.1% during the month and sales were the highest for the month of August since 2017
- Downtown condo active listing numbers were lower by 57% in C01 and by 49% in C08 from last year
- August year-over-year downtown condo sales were up in C01 (+39% & 2nd highest since 2000) and C08 (+28% & highest ever) compared to 2020 with specific monthly average sale prices showing 8.7% to 5.5% increases year-over-year for the first time
- The downtown condo days-on-market average slowed slightly to 20 days (C01) & 22 days (C08)
- The ratio of sales-to-listings for condos downtown increased slightly in C01 to 76.9% and in C08 to 62.7% leaving both condo districts in busy seller market territory
- Because of the influence of lower condo demand earlier this year, the adjusted average condo sale price still shows a very slight decline of -0.8% in C01 and by -1.8% in C08 from August 2020.
- Despite talk in the media about the market slowing, part of the slowdown in some numbers is seasonal and from people being released from covid jail and able to get away from the city. August continued the recovery for condo sales and for overall GTA sales number over previous years.
- August saw detached homes in the 905 appreciate year-over-year by an average 26% and 905 condominium average sale prices rose by 14.5%
- As we enter the fall market, expect a typical September pickup in sales and higher listing inventories which will keep our market moving. Expect this trend to continue through till late November
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