July 2021 Home Sales in the GTA Smash the July Average

There were just short of 9,400 home sales in the Greater Toronto Area in July 2021. That might not be quite as many as in July 2020, but it’s considerably more than the July average — and it proves that demand for property ownership remains substantial.

Although there were fewer sales overall, market conditions were tighter in July 2021 than the same month in 2020, as shown by the greater number of sales that make up the new listings. The market for condominium apartments has been particularly strong, with sales far higher than in 2021

COVID-19 might have slowed population growth, but it’s yet to impact property demand. One factor behind this may be the recovery of first-time buyers, who were hit by the pandemic initially but are now beginning to recover and become active in the home market.

Another notable trend is the double-digit price increases over the last year, with the MLS® Home Price Index Composite Benchmark being 18.1% higher than in July 2020. Meanwhile, the average property price in 2021 ($1,062,256) is 12.6% higher than the previous year. This increase was particularly impressive among detached houses and suburban regions.

When we account for seasonal adjustments, average prices only increased 0.9% between June and July 2021, and price growth overall is lower than it was in spring — but it remains a competitive environment for anyone seeking a home.

To evaluate your home online please click here.