GTA Real Estate Market August 2021
Monday Sep 06th, 2021
In August we had 8,596 homes sold with the Average Price $1,070,911. The monthly sales dropped 8.5% and the price had no change. The day on market to get a home sold is 16 days.
Since January this year, the total sales were 88,256.
In terms of sales, the City of Toronto has 3,003 homes sold with 8.1% drop monthly and York Region has 1,620 sold with 8.3% drop as well. Peel region has 1,805 sold with 8.8% down, followed by Durham region 1,048 homes sold with 5.1% down monthly. Halton has 616 sales and 33.4% down.
In terms of price, the City of Toronto $1,000,008 with 1.6% down and York Region $1,290,651 with slightly increase 1.5% monthly. Peel region $1,039,500 with 3.1% up, followed by Durham $918,133 with 0.9% up. Halton $1,206,016 and 2.9% up.
Since March this year, the new listing in detached homes had a drop of 61%, the sales in August were only 3,704 or 51% down. It explained why the price in detached homes did not come down.
For the first-time buyers, it makes sense to have a condo apartment with the affordable price compared to the high price in detached homes. As a result, the Condo Sales contributed 38% of total sales in the GTA. This ratio would increase gradually until there is an adjustment on price and inventory of the detached home.
Let’s look at the table of Condo Apartment Sales and the Average Sold Price. The total sales in GTA were 2,544, down 2.7% monthly with the average price $688,568. The new listing was 3,568, down 15% monthly.
The major condo apartments market is in Toronto Central which had 1,141 Sales with the average price $783,712. Although the sales were decreased by 5.3% in August, the sales actually increased 22% in the last 12 months.
The second region of Condo Apartments is York region. It had 291 sales in August and the average price was $658,915. The condo market in Vaughan was very hot in August, the sales was 25% up monthly and 59% up annually. The condo price in Vaughan was $650,527 and the new listing was only 7.5% down monthly which is much better than the rest of the GTA.
On the other hand, the sales in Markham and Richmond Hill were 17% and 14.6% down respectively because of shortage of condo apartments inventory in both cities.
The last region is Peel. It has 329 sales with 8% down, and the price was $580,626. In Mississauga there were 284 sales, 4.4% down monthly but 23.5% up annually. The price in Mississauga was $589,979 with 9% up annually.
If you wanted to invest in Condo Apartment and had the best return of your money, Oakville is the winner this year. The annual appreciation in price was 29.7% and the average price was $835,994 in August.
March was the best month in 2021 in terms of Sales and Price. In the last 6 months,
The price in Stouffville was up 9.4% up, followed by King 6.9% up and Vaughan 1.6% up. Aurora was 9.3% down. Markham and Richmond Hill had no change in price. In Durham region, the price in Clarington was 8.9% up, followed by Whitby 3.7% up.
What has happened in Stouffville, Vaughan, Clarington and Whitby reflected that the buyers were leaving further away from Toronto to purchase their homes despite longer traveling time from Toronto.
In conclusion the market is still a Seller Market which is very challenging to the buyers. Until the inventory of detached homes increased, or the price has significantly decreased, the price in Condo Apartment will continue going up and more multiple offers appear in the market.
If you want to know more about the market in your area or you are planning to buy or sell, please give me a call. I am confident I can help you at this time.