June Numbers Follow Seasonal Trends for Toronto Real Estate
The numbers are in for June, and house sales are up compared to the same period in 2020, according to the latest stats provided by the Toronto Regional Real Estate Board (TRREB)’s MLS System.
The number of sales was lower than the peak in March this year though, and they didn’t hit the numbers seen in May 2021 – a normal seasonal trend for this time of year.
Average selling prices were higher than June 2020 with a double-digit increase, although the annual increase rate lessened in comparison to the previous three months.
The Greater Toronto Area had 11,106 sales reported, 28.5 per cent more than in June 2020, with the most substantial growth in the condominium market.
TRREB President Kevin Crigger had this to say: “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. While the primary focus of policymakers has been artificially curbing demand, the only long-term solution to affordability is increasing supply to accommodate perpetual housing needs in a growing region.”
The MLS Home Price Index Composite Benchmark was up 19.9 per cent in June, with average prices of all types of home sales growing to $1,089,536, a rise of 17 per cent.
Condominium Sales Overtaking Inflation Rates
House sales in June have risen compared to the same period in 2020, with the Toronto Regional Real Estate Board (TRREB)’s MLS System also showing average selling prices up by double digits compared to last June.
Sales didn’t reach the numbers seen in May 2021, nor the peak in March this year, but this is nothing unusual for this time of the year.
11,106 sales were reported in the Greater Toronto Area, an increase of 28.5 per cent compared to June 2020, and those with a stake in the condominium market will be interested to know that the condos saw the strongest growth in the number of sales.
The number of condominium apartments sold was up by 57 per cent, higher than the 25 per cent rise in townhouse sales, with detached and semi-detached houses seeing an increase of 17.1 per cent and 33.7 per cent, respectively.
In terms of actual prices, condominiums saw a lower rate of increase compared to houses, with a rise of 8.3 per cent compared to the 13-25 per cent increase across the various detached, semi-detached and townhouse markets.
However, it’s a significant point to consider that this increase is well above the rate of inflation. 2,800 condominiums were sold, with the average sale price sitting at $683,479. 23 of those 2,800 sold for prices in excess of $2,000,000.
