TEK tower Kitchener. House prices are rising? Home sales in the Toronto area slowed from a sharp increase at the start of the year, but market conditions tightened as supply fell 43 per cent and house prices rose further.Please Visit: TEK tower Kitchener to Get Your VVIP Registration Today!
A total of 8596 homes were sold in the region in August, down 19.9 per cent from 10738 in the same period last year, the chamber said. Sales last month were also down 8 per cent from 9368 in July.
The number of new registrations in the region fell to 10609, down 43 per cent from 18599 in August last year and 15 per cent from 12551 in July.
KevinCrigger, chairman of the real estate board, called the sharp drop in new home listings shocking and said the overall data showed that housing supply in the region could not keep up with demand.
The Real Estate Board predicts that housing conditions will deteriorate as migrants recover and population growth accelerates after the paralysis caused by the COVID-19 pandemic.
The shortage of housing comes at a time when the New year is approaching, buyers are scrambling to take advantage of low interest rates and quickly change hands.
As the year progresses, the pace slows, but the market is still overheated, auction wars are as frequent as ever, and there are fewer and fewer houses for sale.
Prices also continue to rise-even in the most rural corners of the region-because telecommuting has become more common, and many business closures during the pandemic helped people save money to buy homes.
The average home price in the Greater Toronto area rose to $1070911 in August from $951219 in the same month last year and $1062256 in July.
Although remote areas of Toronto were once known for being slightly cheaper than the city, the real estate board noted that the average price of homes in Toronto rose to $1108981 in August from $923204 last year.
The average home price in Toronto was $1000008 in August, down from $1012817 last year.
The Real Estate Board believes that this trend will not fade anytime soon and that the market will continue to benefit sellers.
The company predicted in February that the average selling price in the region would rise from $929692 in 2020 to $1.025 million by the end of 2021.