August 2021 Greater Toronto Real Estate Market Report

TRREB is reporting the third-best sales result on record for the month of August. While the market has taken its regular summer breather, one things remains clear – 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.

Greater Toronto Area REALTORS® reported 8,596 sales through TRREB’s MLS® System in August 2021 – down by 19.9 per cent compared to the August 2020 record of 10,738. The condominium apartment market segment bucked the overall sales trend, with year-over-year growth in sales, continuing a marked resurgence in 2021. The number of new listings entered into the System was down year-over-year by 43 per cent.

“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. The federal parties vying for office in the upcoming federal election have all made housing supply and affordability a focal point. Working with provincial and municipal levels of government on solving supply-related issues is much more important to affordability than interfering with consumer choice during the home buying and selling offer process or revisiting demand-side policies that will at best have a short-term impact on market conditions,” said TRREB President Kevin Crigger.

As we enter what looks to be a very busy Autumn market, demand remains high and supply is still low making it an excellent time to sell your home. You have an excellent chance of getting a great price on your home – especially if you hire a team with a proven track record. Our advanced marketing techniques, available buyers and uncompromising approach yield consistently excellent results.

Take a look at the detailed numbers below. If you have any questions about the market or selling your home, get in touch – we’re here to help!