July 2021 Market Stats - Are Prices Plateauing?

Happy Summer!

July is over and we are almost a week into August. I hope you have found some time to rest and relax over the past month. I wanted to share with you a brief update on the Greater Toronto Area’s residential real estate market.

Inventory & Sales Volume

Current inventory levels of homes available for sale across the GTA are averaging at just over one month. That means if another residential property was not to come to market, we would be sold out of all types of homes in about a month. Inventory of available homes for sale continued to remain at all time lows, with active listings down over 35% for the month of July compared to last year. The volume of sales is also down due to the fact that there are fewer homes available for sale.

Price

Homes prices are up over 12% compared to last July. However, on a seasonally adjusted basis, the average price was up by just 0.9% compared to June 2021, signaling that prices may finally be plateauing after their record setting run.

Condo Update

The volume of resale condominium sales jumped up almost 8% compared to July 2020. Condominiums continue to be a great avenue for investment or for those looking for a more affordable housing option. The second half last year saw many condominium owners looking to sell due to the uncertainty of the market. The condo market has continued to rebound since the beginning of 2021 with prices up 6.1% over last year.

New Construction

The new construction market has continued to be a popular way for those looking to invest in real estate. The extended deposit structure of only having to put a limited amount of funds down over the construction cycle of the project is a very attractive way to eventually own real estate in this great city. For more details or for any questions on real estate please never hesitate to contact me at 416-837-9676.