July Toronto Home Sales Down from Last Year

The Toronto Regional Real Estate Board says home sales and housing demand in July dropped compared to the previous year, but still remains above average for the season in 2021.

The board says nearly 9,400 home sales were reported in July, down 14.9 percent compared to July 2020, which set a record for housing sales in the summer month.

On a seasonally adjusted basis, the board says July’s sales were down by two percent compared to June.

The board also says the Toronto housing market tightened in July, with the month’s sales accounting for a greater share of listings compared to July 2020.

It says the average price for all home types combined was just over $1 million, up 12.6 percent compared to a year ago.

On a seasonally adjusted basis, the board says the average price of all home types was up 0.9 percent compared to June.

“The annual rate of price growth has moderated since the early spring but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home,” said TRREB Chief Market Analyst Jason Mercer in a statement.

“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.”

Mr. Mercer noted that there is a large backlog of people seeking permanent residency or citizenship status in Canada due to the pandemic, which will lead to continued pressure on the Toronto area’s housing market.


Did you know we have a daily and weekly news podcast available for free on YouTube?

Check us out at Culture Channel for the latest Canada, Vietnam, and World news updates and more! https://www.youtube.com/culturechannel

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

This content is also available in: Tiếng Việt