Скачать или смотреть August 2021 GTA Real Estate Market Report

Hey Everybody! I hope you’re doing well. I’m going to take a quick second to talk about the real estate market across the GTA for August 2021.

Now some of the headlines, I’ve been hearing are things are slowing down, the market is taking at breather, and if you’re looking from the perspective of amount of sales and new listings that is certainly accurate. The problem is that when I talk to people quite often when they read those headlines, they interpret it as prices are coming down, which has not been the case.

So, let’s have a quick look at what’s really been happening. Right now, the average sale price for home across the GTA, now this includes freehold, townhomes, condos, all of them together, is $1,070,000. That’s up slightly from July when we were at $1,062,000 and year-over-year from August to August we’re up 12.6%.

The reason people are talking about the market slowing down, or taking a breather, is we actually hit an all-time low for new listings in the past decade. We had 10,609 new listings come out onto the market, and we only had 8,596 sales. Now I say we only, but if you divided that 8,596 sales into the 10,609 new listings, we in fact sold 81% of the new listings that came out. Which is a really high number! It shows you that the demand is really high. Last month we were at about 75% and in the hottest months of the year, we were in the 60s. So, it gives you an idea how demand is still very strong.

Just to give you a little more detail on the numbers, the average sale price for a detached home right now in the GTA is $1,423,000; semi-detached home is $1,031,000; and condos are at $688,000. So yes, we have seen sales and new listings go down, but the market has not slowed down in terms of demand and I think that’s what we should be focusing on. Again, this comes back to supply, we really don’t have enough houses for the demand out there and that’s not going to get any better as immigration opens up again.

So, the question will be how are we going to get more houses on the market, how are we going to build more so that not only Canadians today can buy it, but the Canadians of the future? It’s no secret that we haven’t been building enough to keep up with the demand and we are seeing the impact of that every day in the real estate market. If you have a solution, I’d love to hear it! Either respond to me by email or give us a comment below.

I’m going to do a video on the election and what each party is offering around real estate in the next week, so look out for that. Remember if you have any questions, feel free to reach out. I’m here to make you feel at ease, informed and confident that you made the right decision.