by Nutan Brown
on Tuesday, August 10th, 2021 at 10:27am.
Housing demand dropped in July compared to the previous year, but still remains above average for the season in 2021.
There were 9,390 home sales in the city last month, down 14.9% compared to July 2020. Sales were also down 2% month-over-month, according to the latest TRREB report.
Although sales were down, home ownership still remained well above the average for this time of year. According to TRREB president Kevin Crigger:
“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turnaround in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the marketplace,”
Across the Toronto area, the average selling price of a home was $1,062,256, a 12.6-% increase from July of last year and 0.9% above June on a seasonally adjusted basis.
The 905 saw a significant increase in the average home price, rising 19% from $908,212 to $1,086,650 compared to the same time last year.
"The annual rate of price growth has moderated since the early spring but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home," said TRREB Chief Market Analyst Jason Mercer in a statement.
Moving forward, we can expect a large backlog of people seeking permanent residency or citizen status in Canada due to the pandemic, which will lead to continued pressure on the Toronto housing market.
Stay tune for my August 2021 report to see how the Toronto market progresses!