Toronto Market Update – August 2021

Posted by Nutan Brown on Friday, September 10th, 2021 at 12:19pm.

Home sales slowed as prices continued to rise in the Toronto area last month.

According to the latest TRREB report, 8,596 homes were sold in August, a 19.9% drop from 10,738 at the same time last year and an 8% fall from 9,368 in July.

New listings in the region fell to 10,609, down 43% from 18,599 last August and 15% from 12,551 in July.

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However, Toronto home prices continued to climb, up 12.6% compared year-over-year to an average $1,070,911 for all home types.

“It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes,” said TRREB president Kevin Crigger.

The only exception to the slow sales last month was the condo market. Transactions rose 11.3% last month compared to August.

Detached houses saw the biggest drop in sales — down 36.6% in the City of Toronto and 30.2% in the 905 areas around the city. At the same time, detached house prices soared 11.2% in Toronto to nearly $1.7 million on average and 25.6% in the 905 to an average selling price of $1.36 million.

With so much uncertainty in the housing market, it’s more important now than ever to have a real estate agent by your side if you’re planning to buy or sell.

If you have any questions feel free to contact me anytime!

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