GTA Real Estate Market July 2021
Sunday Aug 08th, 2021
In July we had 9,390 Sales with the Average Price of $1,062,256. The monthly sales dropped 15.5% and the price also went down by 2.5%. The day on market to get a home sold is 15 days.
If you look at the graph, July is the second month continuously dropped in Sales and Price since May this year.
The total sales since January this year is 79,660 and the total sales since last July is 128,027.
In terms of sales City of Toronto has 3,269 homes sold with 15% drop and York Region has 1,767 sold with 12.3% drop. Peel region has 1,980 sold with 13.2% drop, followed by Durham 1,104 sales with a big drop of 22.5% monthly. Halton has 925 sales and 15.6% drop.
In terms of price City of Toronto $1,062,256 with 2.5% drop and York Region $1,271,831 with slightly increase 2.4%. Peel region $1,008,584 with 3.2% drop, followed by Durham $910,197, almost no change in price. Halton $1,171,937 and 4.1% drop.
A lot of my clients asked me why the price has not changed tremendously when the sales came down 40% since March this year. If you look at the graph showing the activities in Sales, New Listings and Active Listings in the market every month.
It is easy to understand the sales (Orange line) started to drop in April and the active listings eventually merged with the sales volume in May. This behavior continues in June and July.
At the same time the New Listings (Blue line) in the market didn’t pick up after March but decreased at a pace faster than the Sales. The question is Demand and Supply.
When the supply is not enough and the demand is increasing, the price will not come down. At the same time, the sales would not go up because there are not enough homes for sale. That’s why we have multiple offer situations.
Let’s look at the Detached market in GTA. The average price was $1,405,800 without any change compared to June. However, there was a big drop in Toronto Central 30.67% in sales but the price went up 2%. In Peel region and Durham, they had the same drop of 23% in sales. In York region and Toronto East the sales dropped 14% to 15% respectively In fact, the price of a detached home in the York region was up 3.9% monthly.
Last month I had a video about the Condo Apartment Sales. Today I want to look at three different areas. In Toronto East, the sales were up 10.5% in June, then the sales dropped 22% in July and the price didn’t come down but up 1.83%.
In Durham region, the sales came down 15.63% in Sales and Price was down 11.3%.
In Peel region, the sales actually went up 4.1% despite the sales in the rest of the GTA coming down. The reason is the sales in Condo Apartment and Condo Townhouse were up in July in Peel region.
In conclusion the market is still very active, and it is the best time to sell because of high demand for homes. If you are the buyer, please give me a call. Having an agent who really knows the market is definitely beneficial to you. My job is to make sure you won’t overpay when purchasing a home in a reasonable time.
If you are the seller, asking price is critical when the price and the market is changing. I don’t mind sitting down with you and accomplishing our common goal … Selling your home.