Summer is coming to an end! 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-July 2021) indicate an upward trend, with the average price of all home types in Toronto now $1,047,681 - up 6.88% from January-July 2020. The detached market segment was the fastest-growing segment in terms of price increase, driven by suburban sales surrounding Toronto.
The demand for ownership housing has remained strong despite a slowdown in population growth related to the pandemic. Particularly notable is the condominium apartment market, which has seen significant growth this year 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.
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 July 2021 Market Snapshot for Toronto!
Across all styles of homes in Toronto, the Average Sales Price increased! Average Sales Price increased 6.01 percent to $1,633,649 for Detached homes, increased 2.1 percent to $1,205,814 for Semi-Detached homes, increased 8.55 percent to $1,172,796 for Att/Row/Townhouse, and increased 9.05 percent to $556,311 for Condo Apartments. All styles of homes are selling in record time too! Average Days on Market decreased 6.25 percent to 15 for Detached homes, decreased 25.0 percent to 12 for Semi-Detached Homes, decreased 14.29 percent to 12 for Att/Row/Townhouse, and remained the same for Condo Apartments at 17. It’s a great time to sell in Toronto!
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