Market Cooling? More Like A Typical Summer Lull

By: Thomas Cook

Market Cooling? More Like A Typical Summer Lull

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our JULY 2021 Toronto real estate market report.
 
Our Toronto / GTA market continues to hum along at an excellent pace – July sales were the 5th highest since 2000.
 
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
High-for-July numbers came in once again with 9,390 sales of houses and condos across the GTA.  This is the fifth highest number of sales for July since 2000 (only exceeded by 2009, 2015-2016 and 2020). Low interest rates and high demand are continuing to boost our local market.
 
Sales were down 15% overall from July 2020 although last year the market really took off that month. Sales were down about 1700 homes from this June.
 
Condo townhouse and high-rise suites took a much higher percentage of sales in July (36.8%) than normal signalling condos are back in demand.  3,455 units were sold in the month making that the highest-ever for the month of July.
 
The July 2021 average sale price for all GTA homes came in at $1,062,256… a big 12.6% increase compared to one year ago.  If you compare this July to July 2019, two years ago, the average sale price is up 31.6%.
 
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 July was down 35% compared to last year at this time with 9,732 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 July ratio stayed almost level at 96.5% which is representative of an extremely busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was 2 days slower at 15 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in JULY 2021 as we come to 16 months since the start of the coronavirus pandemic.

Thomas Cook
Thomas@LivingInToronto.com
647-962-1650

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