➕‘the numbers’ for August are in! Demand for Toronto Real Estate remains strong, yet at the same time, the supply of listings is down -43% vs. August 2020. The result? Upward pressure on prices due to tighter market conditions with many buyers still competing in multiple offers. Further, with new inventory, Toronto realized a decline in total sales [-11%] vs. Aug 2020 in all housing segments with the exception of a strong resurgence in the condo segment where sales increased 13% vs. August 2020.
Selling prices in Toronto for all major home types increased with average selling prices for detached houses [+11%], semi-detached houses [+4%], townhouses [+9%], and condos [+7%] vs. August 2020. It is clear that the supply of homes is not keeping pace with demand. As we move towards 2022, expect market conditions to further tighten as population growth in the GTA starts to trend back to pre-COVID levels.
Looking to buy or sell a home in Toronto? Average prices in August were as follows:
➕ Condo $720,832