Welcome to your August Market Results. Supply vs demand is still the topic. However, this month the supply is 'alarming'! Here are your results for the GTA, Burlington, Oakville and Milton:
G.T.A. REAL ESTATE RESULTS
"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 the demand and the 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." said TRREB president Kevin Crigger.
The Average Selling Price for all homes combined was up by 12.6% year-over-year to $1,070,911. The strongest annual rates of price growth are still being experienced for low-rise home types however, the average condominium apartment price growth is now well-above inflation as well.
"Sales have accounted for a much higher share of new listings this uyear compared to last and the story was no diffferent is August. There has been no relief on the supply side for home buyers, in fact, competition between buyers have increased. As we move toward 2022, expect market conditions to be come tighter as population growth in th e GTA starts to trend back to pre-COVID levels." said TRREB Chief Market Anaylst Jason Mercer.
For the full Peel Region Report (including Mississauga), please click here.
BURLINGTON AUGUST MARKET RESULTS
The number of sales decreased in Burlington by 32% when compared to the same period last year. The number of new listings by 39% (decrease). The average selling price rose by 21% due to the supply shortage. For your full Burlington August report please click here.
"Overall the same story continues and that is that the level of inventory remains at critical low levels. We definitely need more supply on the market." says RAHB President Donna Bacher.
OAKVILLE MARKET RESULTS
Same story for Supply Vs Demand for Oakville and Milton. The Average Selling Price for Oakville ws up 27.1% for detached homes, and up 18% for townhouses/condos. In Milton, 32.3% increase for detached and 24% for townhouses/condos.
"The notion of affordable housing has been a popular one for the last few years and that remains as we continue to see limited supply on the market. This topic is now being touched on even further with a federal election on the horizon, and all parties have indicated the various ways they plan to tackle housing supply and affordability issues." says OMDREB President Lynn Hoffman.
For your full Oakville & Milton Market Results please click here.