According to the Toronto Regional Real Estate Board (TRREB), in July 2021, there were a reported 9,390 homes sold through the MLS®. Compared to July of 2020 where a reported 11,033 were sold, this is a 14.9 per cent decrease. Month-over-month, this number is also reduced from 11,106  sold in June of 2021. 

Although prices are beginning to stabilize–this month’s average price was $1,062,256 compared to $1,089,536 for June 2021–prices are still trending upwards year-over-year. The average price in July 2020 was $943,594, or 12.6 per cent lower than today. 

Sales activity continued to fall month-over-month, aligning with seasonal trends. Although inventory should increase with the busy fall market quickly approaching, experts note that reduced inventory and high competition will be the norm into 2022. According to TRREB Chief Market Analyst, Jason Mercer, “The annual rate of price growth 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.”

A Closer Look at the Condo Market

General sales activity in Toronto was down this month, but there was one area that saw an increase over 2020–condos. There were 2,614 reported apartment-style condo sales in July 2021, an 8.2% increase over July 2020, but slightly lower than June’s 2,800 condos sold. 

The average condo price has also increased by 6 per cent year-over-year to $674,490. This is also slightly reduced from the June 2021 average of $683,479. 

Many outlets are reporting that the condo market is now bouncing back after last years’ “mass exodus” when Torontonians decided to leave the city for more rural properties. Additionally, last year, services like Airbnb were no longer available, perhaps curbing some of the condo appeal for investors. 

This year, however, as reopening efforts continue, vaccination rates rise, and life begins to return to normal, it would appear that condos are once again a covetable entity. As we move into the fall market, competition for these types of properties will remain high. Working with an experienced real estate agent is the best strategy for succeeding in this market. 

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Regardless of today’s market conditions, a professional real estate agent knows exactly how to navigate turbulent seller’s markets and high competition. Additionally, if you are considering selling your property, they can ensure you follow a sales strategy that results in the best possible outcome for you. If you’re thinking about buying or selling real estate, contact me today to see how I can help guide you through a successful real estate transaction.