Summer has officially come to an end and school is back in session! As we enjoy this change of pace and season, we take a moment to look back on the performance of the Toronto local property market and consider what this means for future trends.
The year to date statistics (January-August 2021) indicate an upward trend, with the average price of all home types in Toronto now $1,042,869 - up 5.78% from January-August 2020.
While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices. As we move toward 2022, expect market conditions to become tighter as population growth in the GTA starts to trend back to pre-COVID levels.
We live, work and play in Toronto, and it is our goal to inform and share with you what's happening and why our communities are so special to us. Below you will find the August 2021 Market Snapshot for Toronto!
Across all styles of homes in Toronto, the Average Sales Price increased! Average Sales Price increased 11.26 percent to $1,674,641 for Detached homes, increased 4.15 percent to $1,214,624 for Semi-Detached homes, increased 5.89 percent to $1,159,794 for Att/Row/Townhouse, and increased 7.08 percent to $720,832 for Condo Apartments. It's a great time to see what your home is worth in Toronto!
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