Canada’s largest real estate market continued to see soaring housing prices, as supply levels fell even lower.
According to the Toronto Regional Real Estate Board (TRREB), there were a total of 8,596 property transactions across the Greater Toronto Area in August, down 19.9% from the same month a year earlier. Sales of detached homes plummeted 31.5% year-over-year, while semi-detached units also tumbled last month. The condo unit segment was the only one to experience a growth in sales, rising 11.3% from year-ago levels.
Overall sales were down 8.2% year-over-year, while new listings fell sharply by 43% from the same period a year ago. In the meantime, the average selling price of a property in the GTA rose 12.6% from August 2020 to $1,070,911, with the strongest price growth being noted across low-rise homes.
“The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes,” warned TRREB President Kevin Crigger. “There has been no relief on the supply side for home buyers, in fact, competition between these buyers have increased.”
Information for this briefing was found via the TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.