Cooler months will see red-hot Toronto market

Toronto

2021/09/30

According to TRREB, the listing supply declined in August, while competition increased, meaning 2-digit annual increases in selling prices. TRREB reported 8,596 sales in August, ↓ 19.9% YoY; however, the avg selling price for all homes ↑ 12.6% YoY to $1,070,911. Moving toward 2022, with no relief on the supply side and population growth back to pre-pandemic levels, conditions become tighter in GTA. Low-interest rates are expected to rise at some point in 2022; if rates ↑ > 1.5%, a market shift can be expected. As immigration resumes and downtown businesses reopen, rising condo sales, avg prices and rental rates likely continue. Buyers focus more on rightsizing rather than downsizing and highly demand properties with features and benefits, such as pools, outdoor, home offices and gyms.