With Covid-19 restrictions lightening, and the city slowly opening back up again, home sales increased over the previous year, but remained below the peak reached in March 2021 and were lower than the number of transactions reported in May 2021.
Despite a slight dip in sales over the previous three months, market conditions remained competitive in June. The GTA REALTORS reported 11,106 sales through TRREB's MLS System, up by 28.5 percent from June 2020, along with the average selling price growing by double digits over the previous year.
YEAR-OVER-YEAR DATA FOR ALL HOME TYPES
Stats retrieved from TRREB
Year-over-year growth in sales far surpassed growth in new listings in all major market segments, showing that tight market conditions defined by buyer rivalry and significant price growth will persist. Over the same time period, the average selling price of all property types combined increased by 17%. While low-rise areas of the market continued to fuel price growth, it is crucial to highlight that the average condominium apartment price increased by more than 8% from June 2020, well outpacing inflation.
Despite the pandemic, the figures indicated a prolonged cooling in the Ontario market from the end of 2020 to the beginning of 2021, when sales and prices were frequently setting records every month.
Throughout the year, the real estate market has remained solid. Compared to June of last year, the real estate markets in Toronto, Vaughan, Richmond Hill and Markham have been prospering. Let's take a closer look at the details below.
IN TORONTO, VAUGHAN, RICHMOND HILL, AND MARKHAM,
YEAR-OVER-YEAR DATA SHOW SUBSTANTIAL GROWTH.
Stats retrieved from TRREB
According to the most recent MLS statistics, the average property price in all four areas is $1,220,187, with new listings increasing by nearly 5%. Markham seems to have the highest average home price increase by almost 12% with 171 more properties sold compared to last year.
Toronto, Vaughan, Richmond Hill, and Markham remain popular cities within the GTA, with growing home prices, now is a great time to sell your home because market conditions indicate that housing demand continues to grow.
Why is there such a high level of demand?
Homebuyers became more cognizant of their living arrangements and the importance of space as a result of COVID-19, opting for more square footage and properties where they can maintain their social distance, enjoy their own outdoor space, and set up a home office easily. Lower mortgage interest rates improved their purchasing power even further, encouraging purchasers to seek larger, more appealing family homes. It’s clear that the seller’s market has ruled in 2021 and demand is likely to continue to rise.
Contact Susan Macarz, Real Estate Broker, if you have any questions regarding the GTA, whether you're a house or condo buyer or seller. She will gladly assist you with any of your real estate needs.