Alex  Lui

Alex Lui

Sales Representative

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Alex Lui's blog

January 2022 Sales Volume Lowered, Listing Lowered, Huge Snow Storm, But Prices Have Nowhere To Go But Up

Demand for ownership housing remained very strong from a historic perspective in January 2022. At the same time, listings remained in short supply, resulting in tight market conditions and very strong year-over-year price growth.

December 2021 Sales Report Wrapped Up an Unbelievable Pandemic Sales Year

A record 121,712 sales were reported through TRREB’s MLS® System in 2021 – up 7.7 per cent from the previous 2016 high of 113,040 and up 28 per cent compared to 2020. Record demand last year was up against a constrained supply of listings, with new listings up by 6.2 per cent – a lesser annual rate than sales. The result was extremely tight market conditions and an all-time high average selling price of $1,095,475 – an increase of 17.8 per cent compared to the previous 2020 record of $929,636.

Nov. 2021 Sales Activities Continues on Upswing Prices and Low Supply

Home sales reached a new record for the month of November and the average selling price also reached a new all-time high. New listings were down substantially compared to last year for all market segments – further highlighting the inherent supply issue across all home types in the Greater Toronto Area (GTA).

Oct. 2021 Sales Activities - Prices Go Up But Inventories Way Down

On Nov. 3, 2021, TRREB reported home sales in the Greater Toronto Area (GTA) reached the second-highest level on record for the month of October. However, the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately one-third compared to October 2020. Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.

September 2021 Market Cool but Prices Still Up

September marked the transition from the slower summer market to the busier fall market in the in the Greater Toronto Area (GTA). Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different. Sales increased relative to August and were also at the third-highest mark on record for the month of September. The average selling price was up both month-over-month and year-over-year.

August 2021 Sales Activity Was Normalized to Pre-pandemic Level and Price is Up

On Sept. 3, 2021, TRREB is reporting the third-best sales result on record for the month of August. While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices.

July 2021 Sales Activities Showed a Slight Slow Down

On Aug. 5, 2021 Toronto Regional Real Estate Board reproted 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.

June Market Continues to Take a Breather And Condo Market Is Moving Up

June home sales were up compared to last year, but remained below the March 2021 peak and were lower than the number of transactions reported for May 2021, consistent with the regular seasonal trend. The average selling price in June increased by double digits compared to last year as well, but the annual rate of increase moderated compared to the previous three months.

May 2021 Sales Activities

Residential transactions reported through TRREB’s MLS® System remained high in May 2021 but fell short of the 2016 record and were below this year’s March peak. Despite a slight ebb in sales over the last two months, market conditions remained tight enough to push the average selling price to an all-time record in May.

Record Breaking but Don't Be Fooled by the Numbers

On May 5, 2021, TRREB reported April 2021 sales data. Make sure to understand the whole picture that the figures are comparing to a full lock down last year.

Home sales in the Greater Toronto Area (GTA) set a new record for April and amounted to more than quadruple that from April 2020 – the first full month of the pandemic. Bucking the regular seasonal trend, April 2021 sales actually declined month-over-month. A similar trend was noted for the number of new listings reported.

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