Arte Condos . Property prices fell in June. Property prices in the Toronto area rose 17% year-on-year in June, and transaction volume increased by 28.47%.Please Visit: Arte Condos to Get Your VVIP Registration Today!
However, both property prices and transaction volume fell compared with May, reflecting the continued cooling of the prosperous property market. However, the Toronto Real Estate Bureau still raised its forecast of property prices and transaction volume for the whole year of 2021.
The Toronto real estate bureau said the average transaction price of properties recorded in most districts in June was 1089536 yuan, up 17 per cent from 931131 yuan in the same period in 2020, but 1.7 per cent lower than the 1108453 yuan recorded in May.
In terms of transaction volume, 11106 transactions were recorded in June, an increase of 28.47 per cent compared with 8645 in the same period in 2020, but also down 7 per cent from 11951 in May.
Data from the end of 2020 and the beginning of 2021 show that the Ontario property market will continue to cool, the property bureau said.
Jason Mercer, chief market analyst at the Real Estate Bureau, said that due to abnormal population growth, pent-up property demand has been increasingly met, so the record turnover has come to an end.
The number of new offerings in many districts fell in June, both year-on-year and month-on-month. The number of new offerings in June 2021 was 16189, down 0.12% from 16208 in June 2020 and 13% from 18586 in May this year.
Kevin Crigger, president of the Real Estate Bureau, said that although the performance of the property market can provide some relief to home buyers in the short term, due to the recovery of the growth of the immigrant population, the relief period is believed to last only a few months.
However, the Toronto Real Estate Bureau is still optimistic about the property market in many districts in 2021, and has raised its annual forecast. It is now estimated that the total property transaction volume in many districts in 2021 will reach 115000, with an average transaction price of 1.07 million yuan. The bureau’s previous forecast was 105000 transactions in the whole year, with an average transaction price of 1.025 million yuan.
Mercer said that property inventories in individual markets are still in short supply and buyers will continue to bid in these areas, resulting in an average transaction price of more than 1 million yuan until the end of 2021.
The Real Estate Bureau believes that the number of monthly transactions in 2021 has reached its peak, and it is believed that the record-breaking transaction volume will not be recorded in the following months.