According to a new report, the average Toronto home price has dropped slightly for the second month in a row despite demand remaining strong.
The Toronto Regional Real Estate Board (TRREB) released their July Market Watch on Wednesday and found that the average selling price of homes in the City of Toronto last month was $1,016,580. This is down from June’s $1,079,749 and May’s $1,116,736.
Despite the numbers, demand has remained high, with 9,390 transactions across the GTA, 3,269 were in Toronto. Although the number of sales was below last July’s record-breaking 11,033 transactions, they were still well above average.
“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth,” said TRREB President Kevin Crigger. “Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up 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.”
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Although down month-over-month, home prices are up 12.6% across the GTA compared to July 2020, with stiff competition over detached homes leading to market growth.
“The annual rate of price growth has moderated since the early spring but has remained in the double digits,” said TRREB Chief Market Analyst Jason Mercer. “This means that many households are still competing very hard to reach a deal on a home.
“This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022.”