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Home sales in the Greater Toronto Area reached 11,106 in June 2021, according to data from the Toronto Regional Estate Board’s MLS® System. That’s a 28.5% increase compared to June 2020 — an impressive rate of year-over-year growth that may be due to the effects of the pandemic. Condominium apartments in the City of Toronto and suburbs fared particularly well.
It’s not just home sales that have increased. The average selling price of those properties has also risen, with a 17% increase compared to the same month last year (although the most significant price change had already taken place in previous months)
Meanwhile, the MLS® Home Price Index composite benchmark has increased 19.9% since June 2020; the average selling price across all properties in the area is now an impressive $1,089,536. Low-rise properties mostly drove this price growth, but condominium apartments have also increased — the average price has risen 8% since June 2020 (which is above the inflation rate).
On the other side of the spectrum, home sales have decreased since May 2021. There were also significantly fewer transactions than the all-time high for Toronto, which was reached in March 2021. But this is to be expected — home sale figures are seasonal, and there are usually more sales in March and May than in June.
The overwhelming trend here is that Toronto’s home market appears to have stabilized over the past few months. But it won’t necessarily remain stable forever — if immigration resumes as COVID-19 restrictions are lifted, we can expect greater population growth and therefore increased demand for properties (and higher prices).