Market Update for July 2021

The No. of Sales Reduced In July But Strong Upward Price Pressure 

On 5 August 2021, TRREB reported 9400 sales in July, decreased in about 15% compared with 110,930 sales in June 2021 and 14% less compared with July in 2020. 

  • The sales to new listing ratio reached 75% to imply the absence of more supply which resulted in the pressure on home price upwards
  • The demand for home ownership still strong. So, the double digits price growth compared last year remains the same due to the effect of supply and demand changes
  •  A huge backlog of immigration or citizenship applications to be processed when the border opens.  Canada facing staggering immigration backlog with the border opening.  An implication of both rental and selling market condition remains tight in foreseeable future
  • The property market was still driven by the detached house sales in terms of selling price growth and no. of sales in suburbs surrounded in Toronto
  • It is obviously noted that the condo market appeared a turn-around with the sales up compared to last year.  "First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place" said TRREB President Kevin Crigger.
Market Watch Full Report for July 2021
中文報告

The list of annual average selling price over the past 10 years plus $929,629 in 2020 which experienced an exceptional year.  A decent 13.5% price growth in 2020 was recorded, compared to $819,047 in 2019. Covid-19 pandemic has changed our study, work, shopping and social patterns.  It effects on high demand for home ownership. The annual average price growth looks a sign of the secure way to protect our money values.

 

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

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