Real Estate Monthly Market Update – July’2021

Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of July 2021. 

Highlights :

Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021 – down by 14.9 percent compared to the July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by two percent compared to June.

“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the marketplace,” said TRREB President Kevin Crigger.

“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. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022,” said TRREB Chief Market Analyst Jason Mercer

Year-Over-Year Summary :

The overall average selling price in July 2021 is increased by 12.6% with an average of  $1,062,256 which was $943,594 in July 2020. 

Area wise : 

Apart from the overall real estate market trend, it is important to know the area-wise trend as well to invest in the right place.