Third Best Sales Results on Record for the Month in Toronto

2021 was the third most successful August on record for the Greater Toronto Area in terms of sales, according to the Toronto Regional Real Estate Board (TRREB).

Although August tends to be a month when house sales dip a little as would-be buyers go on vacation or rest, this year’s strong performance demonstrates just how high the demand for homeownership remains.

The successful August is partly due to the low number of listings on the market currently, which has created tighter market conditions and increased buyer competition. Specifically, the number of new listings this month is 43% lower than last year, which is a stark drop compared to 2020 and the last decade. 

In addition to increasing sales, this phenomenon has also increased house prices, which grew in August (even after adjusting for seasonal variation). The MLS® Home Price Index Composite benchmark, which measures house prices, increased 17.4% compared to last year. Meanwhile, the average selling price for all homes reached $1,070,911 — 12.6% more than last year. Within this, low-rise homes are leading the way, with condominium apartments shortly behind. 

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There were 8,596 house sales in August 2021, according to the Greater Toronto Area REALTORS®. This might be a 19.9% decrease compared to the all-time high in August 2020 (the greatest August on record), but it’s still high enough to put this year’s August in the top three. One particularly well-performing category was that of condominium apartments, which was higher this year than August 2020.

Little relief for buyers is expected in the future — in fact, market conditions are likely to become even tighter in 2022 if post-pandemic immigration surges increase population growth further and make buyer competition even greater.

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