Home Sales Hitting the Lowest in A Year, BUT Prices Still Rising

Dated: July 21 2021

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Toronto real estate has been a roller-coaster ride ever since the global pandemic arrived. The home sales and pricing situation in Toronto are unpredictable, with prices rising upwards and immigration stunts at a halt. As a result, many aspiring homebuyers, despite their utmost effort, are unable to strike a lucky deal. The month of June 2021 has witnessed Toronto home sales dwelling at the bottom of the ladder compared to what March this year could foresee. Keep reading for a more detailed analysis.

 

Decline in Home Sales – Statistics 

Let’s get to the numbers. Home sales in Toronto have stepped down consecutively after seeing a peak in March 2021. It declined by 9.1% in June compared to last month. Toronto Regional Real Estate Board (TRREB) released the home sales report for June recently. According to the report, Toronto's home sales have dropped to 11,106, whereas March reported 15,652 home sales. For a better understanding, the home sales figure in April came in at 13,663, and in May, the same declined at 11,951.

 

“Real Estate Cooling” Is A Myth

Apparently, the narrative “Real Estate Cooling” seems legit as the pandemic situation is taking a back seat, and the economy is on the verge of a revamp. Despite the home sales in Toronto hitting the bottom lines on the ladder, the prices are far from cooling. The average price of a house in Toronto remained at $1,089,536 in June this year, which is still lower than $1,108,453 during May 2021. Jason Mercer, the chief trade analyst at TRREB, commented that the listing of homes has decreased by 13% in June 2021. This could be the reason why homebuyers got fewer options on housing properties.

 

However, if we see things from 2020’s perspective, the market scenario is doing much better in 2021. Yes, there is still a lot of turbulence, and Toronto's housing market has a long way to go before actually stabilizing. 

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