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July 8 2021 | Buying/Selling

Toronto Real Estate Market Watch June 2021

Hello everyone! Can you believe we are already in July of 2021? For those of you that don’t know me, I’m Danielle Demerino, Toronto Real Estate Agent and I’m here to tell you about what went on in the Toronto Real Estate Market in June 2021 (and the surrounding areas). Let’s get to it!

GREATER TORONTO AREA MARKET WATCH:

June continued to be a very busy time for residential real estate in the G.T.A. All types of homes are selling quickly, with the average number of days on the market down 35% (26 days). The demand continues to be strong with the number of sales being up 29% (11,106 sales) when compared to June 2020 along with prices up approximately 17% ($1,089,536). When looking at the condo market, it continues to rebound with sales up 57% (2800 sales) when compared to June of last year and the average sale price up 8% to $683,479.

When it comes to inventory of all types of homes in the Greater Toronto Area, if no other homes were placed on the market, it would take approximately 1 month to sell out. 

DURHAM REGION MARKET WATCH:

Durham Region has proved to see the biggest increase in sale prices of all types of homes when comparing June 2021 with prices up almost 34% ($917,267) to June 2020 ($685,655). While Durham prices are up, the inventory is low which in turn keeps down the number of sales which are only up 11.2% when compared to last year at this time.

BRAMPTON MARKET WATCH:

The Brampton residential real estate market continues to grow at a record pace with total sales up almost 21% (1,104 sales) when compared to June 2020 (913) and prices are up 23.5% ($1,012,039) when compared to June 2020 ($819,712) with less than a months worth (67%) of inventory.

OAKVILLE MARKET WATCH:

The Oakville residential real estate market continues to grow at a record pace with total sales up almost 20% (386 sales) when compared to June 2020 and prices are up 15% ($1,437,986) with about one month of inventory when compared to June 2020.

MISSISSAUGA MARKET WATCH:

The Mississauga residential real estate market continues to grow at a record pace with total sales up a whopping 41% (1,044 sales) when compared to June 2020 and prices are up 14% ($1,019,325) with about one month of inventory when compared to June 2020.

YORK REGION MARKET WATCH:

The York Region residential real estate market continues to grow at a record pace with total sales up a whopping 49% (2,015 sales) when compared to June 2020 and prices are up 13.5% ($1,241,833) with a little more than a months worth of inventory when compared to June 2020.

TORONTO MARKET WATCH:

The Central Toronto residential real estate market continues to grow at a record pace with total sales up 36% (3,850 sales) when compared to June 2020 and prices are up only 5.6% ($1,079,749) with a little less than a month and a half worth of inventory when compared to June 2020.

According to TRREB president Kevin Crigger:

“We have seen market activity transition from a record pace to a robust pace over the last three months. While this could provide some relief for home buyers in the near term, a resumption of population growth based on immigration is only months away. While the primary focus of policymakers has been artificially curbing demand, the only longterm solution to affordability is increasing supply to accommodate perpetual housing needs in a growing region”

In summary, June 2021 residential sales were up when compared to June of 2020 but were still below the peak experienced in March 2021 and the number of transactions remained lower than in May 2021, which is consistent with the standard seasonal trend. While the market may appear to be cooling off slightly, based on the numbers, we are still seeing an increase in sales and pricing.

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