UPDATE - Effective from 16 July 2021, Ontario will enter Step 3 of reopening to resume the additional indoor services with larger numbers of people and restrictions in place. The prohibited in-person open houses will be lifted in Step 3 based on the covid-19 protocol. Some of universities in Ontario have announced to expect the students back to campus for in-person study in Fall this year. It brings positive impact on the rental market.
As per the TRREB June market report, it is recorded 11,106 sales - increased in 28.5% compared to 8,645 sales in June 2020. However, the sales last year was impacted by the unforeseen circumstance due to covid-19 pandemic. It is noticed that the sales is getting to slow down since the record sales in March 2021 prior to the resumption of population growth from immigration in a few months away. The average selling price for June nearly closes to $1.09M mainly driven by low-rise properties.
The sales-to-new listings ratio is 69% indicating a seller market remained. Compared to the new listings 18,586 of May 2021, 16,189 new listings reported in June is comparatively lower.
Due to the successful vaccine rollout program and the prediction of economic recovery, TRREB revised the 2021 sales forecast and average selling price upward to 115,000 deals and $1,070,000 respectively.
