The numbers have been crunched and the results are in for this month’s report from the Toronto Regional Real Estate Board (TREBB), with August’s sales coming third in the all time monthly record.
While there has been the expected summer slowdown, demand for house ownership has evidently remained strong despite the amount of listings being down. This has led to notable competition between buyers and selling price increases in double digits. 8,596 sales were reported through the MLS system, which is a decrease of 19.9 per cent compared to last year.
TRREB President Kevin Crigger said this: “The fact that new listings were at the lowest level for the past decade is alarming. 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. The federal parties vying for office in the upcoming federal election have all made housing supply and affordability a focal point. Working with provincial and municipal levels of government on solving supply-related issues is much more important to affordability than interfering with consumer choice during the home buying and selling offer process or revisiting demand-side policies that will at best have a short-term impact on market conditions.”
The MLS Home Price Index Composite benchmark rose by 17.4 per cent year-by-year, with the average selling price up year-by-year by 12.6 per cent at $1,070,911.
Despite the usual cooling off of the housing market over summer, demand for house ownership stayed very strong in August with 8,596 sales reported through the Toronto Regional Real Estate Board’s (TRREB) MLS system, the third best result on record despite being down by 19.9 per cent compared to August 2020.
This came even though the number of listings dropped, resulting in tight market conditions with annual price increases reaching double digits.
The 2021 MLS Home Price Index Composite benchmark increased by 17.4 per cent year-by-year, with a greater average selling price of $1,070,911, a 12.6 per cent rise. So how about the condominium market?
The condo segment deviated from the overall sales trends with a growth in sales year-by-year, continuing that market’s notable upturn.
The average price growth of condominium apartments is far above the rate of inflation, with 2,544 sales (a 11.3 per cent rise) fetching an average price of $688,568 (a rise of 9.4 per cent).
TRREB’s Chief Market Analyst Jason Mercer said that “Sales have accounted for a much higher share of new listings this year compared to last, and the story was no different in August. There has been no relief on the supply side for home buyers, in fact, competition between these buyers have increased. As we move toward 2022, expect market conditions to become tighter as population growth in the GTA starts to trend back to pre-COVID levels.”
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