July is over and we are almost a week into August, where is the summer going? I hope you have found some time to rest and relax over the past month or will be doing so in the very near future. It is that time, I wanted to share with you a brief update on the Greater Toronto Area’s residential real estate market.
Current inventory levels of homes available for sale across the GTA are averaging at just over one month, if another residential property was not to come to market we would be sold out of homes of all types in about a month. Inventory of available homes for sale continues to remain at all-time lows with active listing down over 35% for the month of July compared to last year. The volume of sales is down due to the fact that there are fewer homes available for sale and in July of 2020 was when the real estate market began to heat up as we navigated the pandemic.
The volume of resale condominium sales jumped up almost 8% compared to July 2020. Condominiums continue to be a great avenue for investment or for those looking for a more affordable housing option. The second half last year saw many condominium owners looking to sell due to the uncertainty of the market. The condo market has continued to rebound since the beginning of 2021 with prices up 6.1% over last year.
To learn more or if you have any other questions about real estate please do not hesitate to contact me.
I wish you all the very best and I look forward to connecting with you soon.