July-2021 Market Watch

JULY NUMBERS SHOW STRONG DEMAND CONTINUES FOR HOME OWNERSHIP IN GTA

TORONTO, ONTARIO, August 5, 2021 – With almost 9,400 sales reported in July 2021, demand for
ownership housing remained well-above average for the time of year despite being below the record July
result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting
for a greater share of new listings compared to last year. The sellers’ market conditions sustained a
double-digit annual rate of price growth.
“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 market place,” said TRREB President Kevin Crigger.
Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021
– down by 14.9 per cent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July
sales were down by two per cent compared to June.
The MLS® Home Price Index Composite Benchmark was up by 18.1 per cent compared to July 2020.
The average price for all home types combined was $1,062,256 – up 12.6 per cent compared to July

  1. The detached market segment led the way in terms of price growth, driven by sales in the suburban
    regions surrounding Toronto. On a seasonally adjusted basis, the average price was up by 0.9 per cent
    compared to June.
    “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.
    “There is a huge backlog of people seeking citizenship or permanent resident status in Canada. A large
    share of these newcomers will ultimately choose to call the GTA home. This means ownership and rental
    market conditions will remain tight with upward pressure on prices for the foreseeable future. Policy
    makers at all levels must pursue a coordinated effort to bring on a greater diversity of supply in major
    metropolitan areas,” said TRREB CEO John DiMichele.
    Summary of TRREB MLS® System Sales and Average Price July 1–31, 2021
    2021 2020
    Sales Average Price New
    Listings
    Sales Average Price New
    Listings
    City of Toronto
    (“416”) 3,269 1,016,580 5,108 3,564 1,017,744 6,963
    Rest of GTA (“905”) 6,121 1,086,650 7,443 7,469 908,212 11,156
    GTA 9,390 1,062,256 12,551 11,033 943,594 18,119
    2
    TRREB MLS® System Sales & Average Price by Home Type July 1–31, 2021
    Sales Average Price
    416 905 Total 416 905 Total
    Detached 850 3,271 4,121 1,633,649 1,346,186 1,405,478
    Yr./Yr. %
    Change -22.3% -27.4% -26.4% 5.7% 27.0% 21.7%
    Semi-Detached 278 590 868 1,205,814 944,062 1,027,895
    Yr./Yr. %
    Change -25.3% -14.9% -18.5% 2.1% 22.1% 12.2%
    Townhouse 368 1,326 1,694 893,347 837,906 849,950
    Yr./Yr. %
    Change -6.1% -8.7% -8.2% 5.1% 19.3% 15.9%
    Condo Apartment 1,756 858 2,614 715,977 589,582 674,490
    Yr./Yr. %
    Change 4.2% 17.2% 8.2% 4.8% 11.7% 6.0%
    July 2021 Year-Over-Year Per Cent Change in the MLS® HPI
    Composite
    (All Types)
    Single-Family
    Detached
    Single-Family
    Attached
    Townhouse Apartment
    TRREB Total 18.06% 22.61% 21.59% 17.18% 8.14%
    Halton Region 22.97% 23.73% 25.27% 19.05% 15.48%
    Peel Region 18.72% 22.23% 21.90% 16.93% 8.33%
    City of
    Toronto 10.14% 14.67% 13.76% 11.71% 6.45%
    York Region 20.95% 23.03% 22.06% 17.56% 12.11%
    Durham
    Region 31.53% 31.76% 32.11% 31.12% 22.82%
    Orangeville 24.75% 25.39% 27.11% 28.11% 2.24%
    South Simcoe
    County1 31.48% 33.98% 33.55% 20.86% 16.39%
    Source: Toronto Regional Real Estate Board
    1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
    Year-to-Date Summary of TRREB MLS® System Sales and Average Price July 2021
    2021 2020
    Sales Average Price New Listings Sales Average Price New Listings
    City of Toronto (“416”) 27,411 1,047,681 41,524 15,699 980,148 29,705
    Rest of GTA (“905”) 52,058 1,088,031 73,986 31,213 864,800 52,828
    GTA 79,469 1,074,113 115,510 46,912 903,401 82,533
    3
    YTD TRREB MLS® System Sales & Average Price by Home Type July 2021
    Sales Average Price
    416 905 Total 416 905 Total
    Detached 7,371 29,320 36,691 1,695,541 1,320,243 1,395,638
    Yr./Yr. %
    Change 58.2% 60.6% 60.1% 15.2% 30.9% 26.6%
    Semi-Detached 2,560 4,849 7,409 1,285,347 925,357 1,049,743
    Yr./Yr. %
    Change 80.7% 64.7% 69.9% 9.2% 23.3% 18.1%
    Townhouse 3,034 10,813 13,847 926,437 836,808 856,446
    Yr./Yr. %
    Change 76.3% 71.1% 72.2% 11.3% 21.7% 19.2%
    Condo
    Apartment 14,277 6,519 20,796 700,061 592,454 666,329
    Yr./Yr. %
    Change 82.9% 98.5% 87.5% 1.8% 12.9% 4.2%
    Source: Toronto Regional Real Estate Board
    Seasonally Adjusted TRREB MLS® Sales and Average Price1
    Sales
    Month-over-Month
    % Chg. Average Price
    Month-over-Month %
    Chg.
    July ’20 9,492 41.8% $951,693 5.1%
    August ’20 10,612 11.8% $981,680 3.2%
    September ’20 10,153 -4.3% $953,064 -2.9%
    October ’20 9,805 -3.4% $957,859 0.5%
    November ’20 9,412 -4.0% $966,317 0.9%
    December ’20 11,276 19.8% $978,505 1.3%
    January ’21 11,706 3.8% $1,008,660 3.1%
    February ’21 12,844 9.7% $1,033,787 2.5%
    March ’21 12,970 1.0% $1,088,367 5.3%
    April ’21 10,812 -16.6% $1,050,546 -3.5%
    May ’21 9,854 -8.9% $1,061,622 1.1%
    June ’21 9,011 -8.6% $1,061,331 0.0%
    July ’21 8,827 -2.0% $1,071,405 0.9%
    Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment
    1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations
    allows for more meaningful analysis of monthly changes and underlying trends.

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