With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.
“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place,” said TRREB President
Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021 – down by 14.9 per cent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by two per cent 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. 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.
There is a huge backlog of people seeking citizenship or permanent resident status in Canada. A large share of these newcomers will ultimately choose to call the GTA home. This means ownership and rental market conditions will remain tight with upward pressure on prices for the foreseeable future. Policy makers at all levels must pursue a coordinated effort to bring on a greater diversity of supply in major metropolitan areas.
Major real estate developers in Toronto opened up 6,000 suites since March 2021 for purchase. During Q1, Kamran Ebrahimi met with our Platinium Partner Developers to discuss the upcoming new build homes and condos in Spring/Summer/Fall 2021. We are excited for this year line up of Master Planned Communities and Cornerstone Projects like Queen Central, ArtWalk, WestLine, and Rough Towns.
Through our Platinum Release Selection program with our Partner Developers, we negotiated and secured first access to 55 suites at Queen Central Condominums. Within the first three days, our registered Clients' purchased all 55 suites. Due to the demands for two and three bedroom suites, we have been able to secure five additional suites, as part of the final release selections. Besides the face Yonge Street and Queen Street is just steps away, providing access to TTC Subway, Queen Central is walking distance to Ryerson University, George Brown Collage, the new Google Offices, and the upcoming new subway stop - yes, two subway stops within walking distance. As well, the vast number of floor-to-ceiling windows in each suite. In our select three bedroom suites, you will have a massive private terrace and luxury staircase leading to the second floor of your suite.
If you are interested in booking a private preview of the layouts for Queen Central Condos, contact our office to set an appointment at our Pre-Construction Presentation Centre.
