Reports show a slowing market in July, but for those hoping to sell their homes this summer, July 2021 was a great month! According to a news release from the Toronto Regional Real Estate Board, strong demand for home ownership is continuing in the GTA area, with nearly 9,500 sales reported in July 2021. Though demand is continuing to slow from peak-pandemic levels, housing demand is continuing to trend ‘well-above average’ relative to what is typical during the month of July, and ‘seller’s’ market conditions sustained a double-digit annual rate of price growth.
That being said, sales were slightly lower than the average was at this time last year, and the number of new property listings saw a decrease compared to last year. OMDREB President Lynn Hoffmann says that sales numbers are cooling down across the board compared to last year but that this slight dip is in line with the regular seasonal trend. Unsurprisingly, listing inventory is down, but average prices are still on the rise. Sales prices are still enjoying a 25% growth rate for most homes and condominiums, and the average number of days on market until sale dropped over 50% compared to the same period last year.
In Oakville, the average sale price for a home was up over 22% this year compared to last, and the average price for a townhouse or condo was up over 25%. The same was true of both housing types in Milton for the same period. These numbers show clear evidence that the markets are holding steady for the time being. If you’re considering whether now is the best time to buy or sell a new home in the GTA, reach out as soon as possible to get an estimate from one of our expert realtors!
A Look at the Numbers in Oakville:
Here is a snapshot of the Oakville real estate market for the month of July 2021 in comparison to July 2020, taking into account all property types: