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Real Estate Market Watch – August 2021

Posted by Thomas on September 7, 2021
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On this page, you can find VIP Condos Toronto’s summary of the Toronto Regional Real Estate Board (TRREB)’s August 2021 real estate market watch, with info on prices & trends in the region’s housing market. VIP’s report will provide information such as an overall real estate market outlook, updates & news from August 2021 – as well as specific info on both condo and home prices in the GTA:

August Real Estate Market Watch - infographic

August Real Estate Market Update - Sales & Average Price

 

Real Estate Market Watch: Residential Transactions

  • 8,596 residential home transactions took place in August 2021, down from 10,738 in July 2020 – a decrease of 19.9%.
  • When seasonal adjustments are taken into account, there was a 2.7% decrease in the number of purchases from July 2021 (8,814) to August (8,579).

August 2021 Real Estate News: Average Selling Prices

  • The average sale price for August 2021 was $1,070,911. This is an increase of 12.6% over August 2020, when it was $951,219.
  • With seasonal adjustments, prices saw a 2.4% increase from July 2021 (from $1,074,957 to $1,100,820).

 Monthly Market Update: New Listings

  • There were 10,609 listings available for August 2021, which is a 43% decrease from August 2020 (when there were 18,599).
  • The sales-to-listings ratio has increased by 23% from August 2020, from 58% to 81%.

Real Estate Market Watch for August 2021: Days On The Market

  • The average property spent 21 days on the market, compared to 24 last year – a decrease of 12.5%.
  • Listings spent an average of 16 days on the market, which is a 5.9% decrease from this month last year (when they spent an average of 17).

 

Click Here To Read TRREB’s August 2021 Real Estate Market Watch Report for Both Homes and Condos

 

In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

  • How do I get my down payment?
  • Can I use my RRSP for my down payment?
  • How can I make the profits from my pre-construction purchases tax-free?
  • What type of home or mortgage can I afford?
  • Which incentives are available for first-time buyers?
  • What is a PDI?
  • What are the pros & cons of buying or selling an assignment before closing?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA’s home & condo markets – both for August 2021 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2021.

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