3rd Best August Sales + Big Boost In Condo Demand

By: Thomas Cook

3rd Best August Sales + Big Boost In Condo Demand

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.


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