TRREB’s June GTA Data.

So far 2021 has been an extremely busy year with a scolding hot market across the GTA. We have seen sharp increases in prices, bidding wars, listings selling without even making it to the market. But in June, things got a little more pleasant and the market seems to be shifting gears.

Now when I say “shifting gears”, I am not saying it is slow. Yes, we have seen 7% decrease in sales since May and 29% drop since March this year (the peak of this year’s market). Yes, homes are taking a bit longer to sell. Specifically 3 days longer on average, compared to March this year. Yes, there was about 2% decrease in sale prices.

But the sales were up 28% compared to last June. All in all, it was still a very active market. Actually, this was the busiest June since 2016!

Buyer’s “Paradise”?

It’s hard to actually call it paradise, it’s more of like a break. In fact, according to TRREB President, Kevin Crigger “While this could provide some relief for home buyers in the near term, a resumption of population growth based on immigration is only months away.”

In other words, it’s a bit easier and more pleasant to shop for homes in the GTA, but it’s not going to last. Time is of the essence and if you were on the fence with whether or not to pull the trigger on buying a home this year, this might be your moment to shine, as savvy buyers are doing just that at the moment. They shine by buying properties, right before the market picks up again.

There are even less homes on the market right now

Oh, did I say you could get a huge deal on your purchase? Not at all. With 13% less new listings compared to May, the prices are pressured to stay more or less where they were. This doesn’t mean that you won’t get a deal here and there, but more likely you will find your buying experience a bit less arduous with fewer chances of bidding wars. Perhaps, you could avoid the bidding frenzy driving the price into the stratosphere by someone who really wants the place. But, don’t bank on getting fantastic deals – as I mentioned, the market is still very active.

Looking to make an investment or buy a home in Toronto? Let’s hop on a Zoom call and explore your options.