Market Update for August 2021

& Whitfield Project

Strong Demand For Ownership vs Low Supply For Listings = $$ RISE

 

On 3 September 2021, TRREB reported a moderate sales of 8,596 in August during the summer vacation period, down about 20% compared to August 2020.  The Sales-to-New Listings ratio, in contrast, reached 81% much high than 58% last year due to low supply for new listings.

It results in soaring prices appeared both in home resale and new pre-construction projects.

  • The surging price of cost construction materials
  • Canada reopen the border for international tourism on September 7, 2021.   The housing market will get tighter then due to the population growth in Toronto.
  • Statistics Canada said "driving the drop in the second quarter of this year were declines in home resale activity and exports. Increased business and government spending, as well as new home construction and renovations in the quarter weren’t enough to make up the shortfall."   Keep real estate industry well is one of major elements for GDP
  • Canada aims to welcome 401,000 new permanent residents in 2021, 411,000 in 2022, and 421,000 in 2023.
  • "The Consumer Price Index (CPI) rose 3.7% on a year-over-year basis in July, up from a 3.1% gain in June" released by Statistics Canada on 18 August 2021.

 

"Wealth is created by increasing the gap between what you make, and what you spend.  It's not how much you make, but how much you keep." quoted from media.  So, it is very important to protect the value of the money you keep and to spend your money wisely on good investment to grow the gap.  Please take a peek at the Whitfield Condo Project.

The highly unbalanced housing markets all over the Canada (left picture).  The inventory supply cannot cope with the pace of strong housing demand.  In Greater Toronto Area, the no. of new listings in MLS is 10,609 in August, was less year-over-year by 43% and reduced in 15% compared to July 2021

We can note all 2021 average resale home price bars (yellow) higher than others against the inventory bar keep going shorter.  It drives the housing price soaring.  This insufficient supply is the root of problem and gets more serious and visible during covid-19 pandemic.

- Toronto's Housing Crisis: A Problem of Supply or Demand? (posted 17 Mar, 2017)

Market Watch Full Report for August 2021
中文報告

THE WHITFIELD

Downtown Waterfront

180 Front Street East (Corner of Front and Sherbourne)

Introducing the Whitfield, a new standard of living in downtown Toronto by Menkes and Core Developments. Neighboring Union Station, the St. Lawrence Market and the city’s vibrant waterfront community, the Whitfield brings together the perfect union of convenience and leisure. As an iconic Front Street address, this is a truly rare opportunity to own in a sought-after neighborhood known for its rich history, tradition and innovation. 

No. of Storeys :  45 storeys

No. of Units :   470 units. 

Occupancy  : 2025

Price : Starting from $550,000's

Extended Deposit Structure : 5% in 30 days; 2.5% in 120 days; 2.5% in 240 days; 2.5% in 360 days; 2.5% in 480 days; 2.5% in 600 days; 2.5% in 720 days & 1% on occupancy

Whitfield Brochure
中文
9120 Leslie Street, Richmond Hill, ON, Canada
647-298-1234

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