The Greater Toronto Area (GTA) has seen a significant increase in home sales in the month of July compared to the same time last year. According to the latest data from the Toronto Regional Real Estate Board (TRREB), there were 9,390 residential transactions in July 2021, a 16.9% increase from July 2020.
The surge in home sales can be attributed to the easing of COVID-19 restrictions and the continued low interest rates, making it an opportune time for buyers to enter the market. The average selling price for all home types in the GTA also saw a significant jump, reaching $1,062,256, a 12.6% increase from July 2020.
In addition to the increase in sales, there was also a notable rise in new listings in the GTA. There were 18,477 new listings in July 2021, a 3.8% increase from the same time last year. This increase in listings is a positive sign for buyers as it provides more options and helps to balance out the market.
The demand for detached homes in the GTA remains strong, with a 26.6% increase in sales and a 19.9% increase in average selling price compared to July 2020. Semi-detached homes also saw a significant increase in sales and average selling price, with a 33.1% and 20.9% jump respectively.
Condominium apartments, on the other hand, saw a slight decrease in sales by 1.5%, but the average selling price still saw a 7.4% increase compared to July 2020. This could be due to the shift in buyer preferences towards more spacious and suburban properties during the pandemic.
TRREB President Kevin Crigger stated that the strong demand for homes in the GTA is expected to continue in the coming months, as the economy continues to recover and immigration levels increase. He also emphasized the importance of addressing the supply issue in the market to ensure a healthy and sustainable real estate market.
In conclusion, the GTA real estate market has shown resilience and continues to thrive despite the challenges brought on by the pandemic. With the easing of restrictions and low interest rates, the market is expected to remain strong in the coming months. However, addressing the supply issue will be crucial in maintaining a balanced and sustainable market for both buyers and sellers.
