July 2021 – Market Update
The numbers are in for July 2021 Real Estate Market. July continued to be hot for sales and average prices across the GTA. Despite most people in vacation mode, demand for home ownership still remained strong this past month.
Let’s get in to the numbers:
In July we had almost 9.4K sales. This is down 14.9% compared to last year, although this may seem like a significant decrease, we have to look back to where we were a year ago. During this time last year we were just getting out of a lockdown. We had limiteds activity during March to the end of May which built up a lot of demands for the upcoming months. So in July of 2020 there were almost 3k more sales than the average sales for July over the past 10 years.
Single family home results:
Average price of a detached home was just over $1.4M = 21.7% increase
Average price of a semi detached home was $1.02 = 12.2% increase
Town homes average price was just under $849K = 15.9% increase
The condo segment results:
Overall, average sales price increased by 6%. Average price for July was just under $675K.
The market continues to see average sale prices increase, but we are also seeing a lack of inventory during this time. Maybe due to vacations, or kids home etc. There are a lot less properties for sale this past month than we would usually see at this time.