As per TRREB Market Watch Reports, in July 2021, number of home sales were slightly down compared to July 2020, which was a record-setting month. July 2021 numbers are also down from last month, but this is expected and consistent with the normal seasonal trend. The average selling price in July dropped ever so slightly compared to last month, but on a seasonally adjusted basis, the average price was actually up by 0.9%. Sales to New Listings Ratio remain high in general, well above 60% mark, which indicates a very strong seller’s market.
“The annual rate of price growth has moderated since the early spring, but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022,” said TRREB Chief Market Analyst Jason Mercer.
Please contact me with any questions on how to interpret this data or if I can provide further insight for your specific situation. As a REALTOR, I have access to a lot more information that I can present here. I will do a deep-dive and extract the information you are looking for to make decisions.
Check out my summary chart for Toronto, Mississauga, and Oakville HERE.
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