At the risk of sounding like a broken record, the real estate market conditions remain tight. Here are your July 2021 market results, and yes it's the story of supply vs demand:
G.T.A. & PEEL RESULTS
Greater Toronto Area Realtors® reported 9,390 sales in July 2021 - down by 14.9% compared to 2020 and on a seasonlly adjusted basis, down 2% compared to June of 2021. Demand for ownership housing remained well-above average for the time of year. Market conditions actually tightened relative to July 2020 with sales accounting for a greater share of new listings compared to last year. The sellers' market conditions sustained a double-digit annual rate of growth.
The Average price for all home types combined was $1,062,256 up 12.6% compared to 2020. The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto.
"The annual rate of price growt has moderated since the early spring, but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustanined in the absence of more supply, especially as we see a resurgence in population growth moving into 2022," said TRREB Chief Market Analyst Jason Mercer.
BURLINGTON JULY MARKET RESULTS
Wow! The results for the Burlington market as reported the RAHB (Realtors® Association of Hamilton-Burlington) are as follows for the July 2021 market:
Sales were down by 38% when compared to 2020. Homes introduced to the market were down 49%. Due to supply vs demand, the Average Selling Price rose by 18%. For the full market report, please click here.
"Since the pandemic began, the RAHB market area has been anything but predictable and each new month has brough historic highs and lows. Overall this month, we are seeing the number of sales and active listings slightly decrease compared to the previous 4 months which is in line with seasonal trends. We are continuing to experience high demand coupled with record low inventory in almost all property types which is driving sale prices." says RAHB President Donna Bacher.
OAKVILLE & MILTON JULY MARKET RESULTS
OMDREB reported a decrease in both sales and the number of new property listings in July when compared to the same period last year. For homes processed through the OMDREB MLS® system, the number of day son tehmarket until sale dropped 45.5% in July 2021, sitting at just 12 days. For your full on the Oakville Milton areas please click here.
"With the long documented absence of additional inventory available for purchase, market conditions for first-time buyers, newcomers to the area, or those looking to invest are still extremely tight." says OMDREB President Lynn Hoffman.