Toronto Market Update – June 2021

Posted 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.

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Similar trends were seen in prices as well. The average selling price of all home types combined was up 17% from 2020, but down 2% compared to last month.

Prices for semi-detached homes actually dropped by 1.9% in the City of Toronto month-over-month. The same category in 905 regions, on the other hand, saw prices go up by 21.5%.

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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

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