07/08/2021
Dear Friends, Toronto realtors report 11,106 homes sold in June at an average price of $1,089 536.
The average price in the GTA is $1,075,636 up 15.7% since January 1st
There were 11,297 properties for sale as of June 30th.
The average property sold in 17 days in June vs14 days in April.
Based on the information above we can assume the following :
Prices in Toronto are increasing at a significant rate, much higher than the historical average of 6.6% (since 1972).
There is only 1 month of homes available for sale, which keeps the Seller’s market going creating multiple offers quick sales & rising prices.
The average days a property is on the market is up by 3 days, indicating buyers are taking a little more time
Buyers got tired of the home buying process, getting frustrated and disappointed after being unable to purchase a home due to bidding wars. Adding to that is the summer weather and relaxation of Covid restrictions. This has all led buyers to take a rest from the real estate market.
To be noted ….. none of the major factors that created a frenetic market in the Spring and the consequent rise in real estate values have changed. Immigration, ultra-low mortgage rates, limited availability of homes for sale and a strong demand for home ownership, continue.
We’re expecting that by August/ September the market will continue the strong pace we had in the Spring. We believe the next two months will represent a great opportunity to upgrade your home or to purchase an investment property.
If you are looking to buy or sell please give me a call - I’d love to help!
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