August continued to be hot for sales and average prices across the GTA. Despite most people taking advantage of the summer, especially after out our lockdown that ended in June, couple that with really low inventory levels, we still managed to hit the third-best sales result on record for the month of August this past month! Let’s get in to the numbers
In August we had almost 8.5K sales. This is down 19.9% compared to last year, although this may seem like a significant decrease, we have to look back to where we were a year ago. Our summer market became more of our spring market due to the lockdowns in April and May.
Single family home results: Average price of a detached home was just over $1.4M = 21.4% increase
Average price of a semi detached home was $1.03 = 13.9% increase
Town homes average price was just under $8734 = 17.7% increase
The condo segment results: Overall, average sales price increased by 9.4%. Average price for August was just under $686K. Overall the story for this year remains that sales accounted for a much higher share of new listings this year compared to last, and the story was no different in August. There has been no relief on the supply side for home buyers, in fact, competition between these buyers has increased. As we move toward 2022, expect market conditions to become tighter as population growth in the GTA starts to trend back to pre-COVID levels.