Sales were up last month compared to June last year, but this year's March market set the bar pretty high and some pockets are still struggling to keep up with the demand.
Sales also grew much faster than new listings in the past 12 months, pointing towards a continued tightening of market conditions pitting buyers against each other and resulting in strong price growth. However, as buyers feel the fatigue from the overheated expectations, the average sales price has edged lower in June, hovering just under the $1.1 million mark.
Here’s what happened last month in the GTA:
- Greater Toronto Area REALTORS reported 11,106 home sales in the GTA; an increase of 28.5 %
- There were 16,189 new listings in the GTA; a decrease of -0.1% compared to June 2020
- The average selling price for all home types reportedly increased by 17%
- The average condominium apartment price was up by more than 8% compared to June 2020
- The MLS Home Price Index increased by almost 20% year over year indicating the value for an average home has unilaterally increased by 20% since June 2020
The condo apartment segment is leading the charge in year-over-year sales growth as the urban exodus starts to balance itself out the other way. The price for an average condominium apartment is now up more than 8% compared to this time last year and moving forward into the summer months, we can only expect it to grow even more.
To sum up this month’s data, its an incredibly exciting time to be a part of real estate and if you're in the market to buy, this might be the perfect time. Market conditions are continuing to tighten resulting in strong price growth but the current market conditions are also offering a little bit of temporary relief for buyers before immigration starts to rise and come back to life.
Is now the time to buy? It might depend on what your desired areas and budget are. Is now the time to sell? YES.
Think you’re ready to start looking? Download our Ultimate Guide to Buying your Dream Home here and check out our home search function here!
What should you do if you’re thinking about buying or selling? Check out our sellers guide here and give Zubin, Mansoor or Karl a call. Market conditions are changing quickly, but we have you covered. Let us make a plan that works for you based on price, location and timelines. We know our market and we’re here to help.
Read the full TREBB report here
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Zubin Abuwalla | Direct: 416-389-8019
Mansoor Ahmed | Direct: 647-297-1721
Karl Abuwalla | Direct: 647-883-0874