by Nutan Brown
on Wednesday, July 7th, 2021 at 2:24pm.
After a record-setting streak to start the year, Toronto real estate sales and prices have cooled down for the third consecutive month.
In a recent market report, TRREB data shows that home sales have declined from highs seen this past spring, but are still above numbers seen last year.
According to the report, there were 11,106 home sales in the Toronto region last month, up 29% year-over-year but down 7% from the 11,951 sales in May.
"We have seen market activity transition from a record pace to a robust pace over the last three months. While this could provide some relief for home buyers in the near term, a resumption of population growth based on immigration is only months away," says TRREB president Kevin Crigger.
Even with the cooling housing market, TRREB upgraded its forecast to capture the first quarter’s record-setting pace. It now predicts 2021 will deliver 115,000 home sales with an average price of $1,070,000.
It previously predicted 2021 would bring 105,000 transactions with an average selling price of $1,025,000