In August 2021, TRREB set the third-best sales record in its history. Despite the market's usual summer slump, the demand for housing remains strong. At the same time, housing availability is decreasing. In this tight market, competition among home buyers has increased, resulting in double-digit annual price increases.
According to TRREB's MLS System, home sales in the Greater Toronto Area fell 19.9% in August 2021 compared to the previous year's record of 10,738, while new listings registered in the system fell 43% compared to the previous year's record of 18,599. Despite the drop, the average selling price continued to climb at a rate of 12.6 percent.
YEAR-OVER-YEAR DATA FOR ALL HOME TYPES
Stats retrieved from TRREB
The low amount of new listings this year is quite concerning. It suggests that there is a housing shortage, which will grow as immigration to Canada rises.
If we look further into Toronto, Vaughan, Richmond Hill, and Markham, we can find that the number of sales and new listings has also decreased dramatically.
TORONTO, VAUGHAN, RICHMOND HILL, AND MARKHAM YEAR-OVER-YEAR DATA
Stats retrieved from TRREB
The average price of a property in all four locations is $1,237,569, up 11.3 percent, according to the most recent MLS figures. While the number of sales decreased by 10.09 percent, new listings decreased by 42.7 percent. Vaughan has had the greatest price gain of the four cities, with a rise of 18.09 percent, but it has also experienced a sharp drop in new listings of 41.1 percent. The average price of detached homes in Vaughan is $1,813,728 as a result of their popularity, representing a 30.6 percent increase from August 2020.
It's apparent that now is a wonderful time to sell your home in all four cities as property value continues to grow. However, as a buyer, it looks to be much more challenging due to a lack of fresh listings and rising home prices.
Despite the fact that the number of sales and listings in Toronto, Vaughan, Richmond Hill and Markham has decreased, these cities remain popular in the Greater Toronto Area, where home demand continues to increase.
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Whether you're a home buyer or seller, contact Susan Macarz, Broker if you have any questions about the GTA real estate market. She’s here to assist you with any of your real estate needs.