According to the Toronto Regional Real Estate Board (TRREB), in June 2021, there were a reported 11,106 homes sold through the MLS®. Compared to June of 2020 where a reported 8,645 were sold, this is a 28.5 per cent increase. This number is slightly reduced from 11,951 sold in May of 2021. 

Although sales activity is down month-over-month, prices are continuing to trend upwards. The average home price in Toronto is $1,089,536 for June 2021, compared to $931,131 in 2020. This is a 17 per cent increase year-over-year. 

With inventory remaining low, we should continue to see sales activity and the number of active listings trend downward, while prices continue to rise. According to TRREB President, Kevin Crigger, “While the primary focus of policymakers has been artificially curbing demand, the only long-term solution to affordability is increasing supply to accommodate perpetual housing needs in a growing region.”

Low inventory and high demand–resulting in higher prices–is a trend that will likely continue for the rest of the year and well into the future as the economy makes strides towards recovery from the pandemic. 

A Closer Look at the Condo Market

The condo market saw intense growth last month, and although things are still trending upwards, the numbers for June are not as staggering as they were in May. There were a reported 2,800 condos sold, which is a respectable 57 per cent increase over last year. 

Prices are also up 8.3 per cent over last year, with the average condo price in Toronto being $683,479 in June. 

Although the pandemic saw many typical condo buyers decide to leave the city and seek more suburban properties with greater access to outdoor space, it would appear that as the economy opens back up, young professionals are still concerned with proximity to entertainment and career advancement–enough to spark interest in the condo market once again. 

In the City of Toronto and its surrounding areas, the condo market is the strongest out of all the segments, which means high competition for those looking to move in or invest in a condo. The best advice is to work with a local professional to navigate these tight market conditions. 

Ready to Make Your Move?

To learn more about how these market insights impact you, working with a knowledgeable professional is your best bet. Whether you’re thinking about selling your home or looking to buy, I can help guide you through a successful real estate transaction. Contact me today to learn more.