Contrary to the general perception of property prices stalling, and even going down, Toronto Region Real Estate Board (TRREB)’s sales report for July 2021, portrays a different picture.
It shows shrinkage in inventory and overall sales but also a continuous upward trend of the sales prices.
While the total number of house sales was down by 14.9%, compared to the same month last year, and 2% fewer sales compared to last month, the year over year price, comparing the same months, went up by 12.9%.
The sales price continued its rise by .9% comparing with the last month that is June 2021.
It is important to note that the number of new listings coming into the market was notably down by 30.7% compared to the same month last year.
With the tight inventory, sales went up by 14% for the new listings in the market.
It appears that the tight inventory also pushed the buyers to make quick decisions so the average days for a listing to remain in the market went significantly down by 20%. The speed of house sales also increased by 11.8% compared with the last month taking fewer days to sell the property.
Once again contrary to the general perception, the Condominium sales saw a whopping increase of 155% compared to last year. The average selling piece also continued its upward trajectory by a 10.8% increase.
There were 14,437 new listings of Condominiums in the market a notable 64.6% increase.
While there were more new listings in the market so were the sales of the listing up by 22%.
It took 13 days compared to 19 days in the same period of last year, a reduction of 31.6% for a condominium to sell out.
The Condominium Rental market saw a doubling of leased condos, a 104.4% increase.
While the Condo leases were high the average rental value of 1 bedroom apartment decreased by 9.4%.
There were a lesser number of apartments brought in the market, a 12.8% decrease.
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A. Q. Mufti
Your Trusted Realtor in Mississauga, Oakville, Milton and beyond.
