TORONTO, ONTARIO, August 5, 2021 – With almost 9,400 sales reported in July 2021, demand for ownership
housing remained well-above average for the time of year despite being below the record July result set a year
earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new
listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.
“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of
specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with 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 marketplace,” said TRREB President Kevin Crigger.
Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021 – down
by 14.9 percent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down
by two percent compared to June.
The MLS® Home Price Index Composite Benchmark was up by 18.1 percent compared to July 2020. The
average price for all home types combined was $1,062,256 – up 12.6 percent compared to July 2020. The
detached market segment led the way in terms of price growth, driven by sales in the suburban regions
surrounding Toronto. On a seasonally adjusted basis, the average price was up by 0.9 percent compared to
June.
“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.