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.
- June sales (9,390) were orders of magnitude higher than last year– and were the 3rd highest ever for the month of June on TRREB
- The ratio of sales-to-listings stayed level at 98.3% in July– leaving us still in extreme seller market territory
- The July average sale price came in at a close-to-record $1,062,256– 12.6% above one year ago and 31.6% above the July average in 2019.
- The GTA real estate market overall averaged a quick 15 days-on-market
- Detached home sales in July 2021 with a purchase price over $2,000,000 were up 17% (482 houses) while condo apartment sales over $2M were flat (19 suites) compared to July 2020
- The CONDO townhouse / highrise share of the market came in at a big 36.8% during the month and sales reached a record for the month of July
- Downtown condo active listing numbers were lower by 40% in C01 and by 29% in C08 from last year
- July year-over-year downtown condo sales were up in C01 (+14% & 3rd highest since 2000) and C08 (+19% & highest ever) compared to 2020 with near- or record sale numbers in both TRREB districts
- The downtown condo days-on-market average slowed slightly to 19 days (C01) & 18 days (C08)
- Reversing the trend seen in the past several months, the ratio of sales-to-listings for condos downtown dropped slightly in C01 to 63.9% and in C08 to 59.3% leaving both condo districts in busy seller market territory
- Because of the influence of higher inventories due to lower tenant demand, lower immigration into Toronto and restrictions on Airbnb rentals, the adjusted average condo sale price still showed a very slight decline of -2.7% in C01 and by -3.0% in C08 from July 2020. Both areas are up 5-8% however from July 2019
- 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. July continued the recovery for condo sales and for overall GTA sales number over previous years.
- July saw detached homes in the 905 appreciate year-over-year by an average 27% and 905 condominium average sale prices rose by 11.7%
- As we finish off the summer market, expect a typical August slowdown in sales but lower inventories will keep our market moving. Expect an uptick once we pass Labour Day in September.
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