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 June 2021.
Greater Toronto Area REALTORS® reported 11,106 sales through TRREB’s MLS® System in June 2021 – up by 28.5% compared to June 2020. Looking at the GTA as a whole, year-over-year sales growth was strongest in the condominium apartment segment, both in the City of Toronto and some of the surrounding suburbs. On a month-over-month basis, both actual and seasonally adjusted sales continued to trend lower in June.
“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 homebuyers 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 long-term solution to affordability is increasing supply to accommodate perpetual housing needs in a growing region,” said TRREB President Kevin Crigger.
In all major market segments, year-over-year growth in sales well outpaced growth in new listings over the same period, pointing to the continuation of tight market conditions characterized by competition between buyers and strong price growth. On a month-over-month basis, both actual and seasonally adjusted average prices edged lower in June.
Year-Over-Year Summary :
The overall average selling price in June 2021 is increased by 17% with an average of $1,089,536 which was $931,131 in June 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.
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