July 8, 2021
Finally, in its latest sales report for June 2021, Toronto Region Real Estate Board (TRREB) confirms, what I have been educating my clients for a long time, the home prices would continue to keep the upward trajectory sighting the influx of new immigrants waiting for travel restrictions lifted for air travels after the COVID-19 pandemic.
The TRREB report says “…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,”
While the total number of houses exchanged hands were down by 9.1%, keeping up the tradition for the month, compared to last month but it outpaced the same month of last year by 28.5%.
Similarly, the average selling price kept the double-digit growth of 17% compared to last year while maintaining a plateau compared with last month this year, somewhat good news for the potential Buyers.
There were slightly few new properties on the market having a 0.1% decline compared with the year 2020 the same month.
It seems that the competition among the buyers was the force behind limiting the number of average days for a property to remain in the market by 34.6 fewer days than compared to the same month last year.
The competition was also visible comparing the June 2021 number of days with May 2021 for a property to be in the market by 27.8% fewer days.
Condominium sales, contrary to general perception, leaped forward by almost doubling to 79.8% more than recorded in May.
The average selling price of Condominiums saw a slight dip though of 1.4% decrease compared to last year, 2020.
Total condominium properties brought for sale in the market jumped by 42.8%, compared to the same last year.
There was increased activity in the selling/purchasing of the condominiums, an increase of 17%, compared with the same month in the last year, 2020.
The condos remained for 35.3% more days in the market compared to last year.
The condominium rental market also saw a decline in the average rental value of a one-bedroom apartment which was reduced by almost 17%.
There were almost double (78.8%) the condo apartments available for rent in the market compared to last year.
I am always available to discuss further and find the best solution for your requirements and situation whether you are planning to buy or sell or both to move to a bigger house or downsizing.
There is always a better solution a professional can provide, sometimes beyond your thoughts.
I will be glad to receive your call at your earliest convenience at 416-908-5600.
Take care of yourselves and follow the safety precautions defined by healthcare professionals.
Please pray for the safety of all and seeing an end to the COVID-19 pandemic soon.
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A. Q. Mufti