Welcome to the monthly Toronto Luxury Market Report where we'll look at what's been happening in the home & condo sectors for July 2021.

Historically summertime is one of the slowest periods of the year for real estate in Toronto & this year, that seems to be amplified even further as more people are wanting to get out and enjoy themselves after COVID19 restrictions lifted in July.

This exactly the opposite of what happened last July when the market went into overdrive as everyone's main concern was finding more suitable housing to adjust to our new way of living under lockdown.

Unsurprisingly the condo market has made a strong comeback after its slump last year as more people are wanting to enjoy Downtown living with more activities, restaurants & bars being open.

On top of this, many people have been priced out of the suburbs as prices continue to skyrocket, so condo-living in the city seems to be a more viable option for many with an average sale price of $716,000.

Another factor that is causing many people to question suburban living is the fact that traffic is now worse than it's ever been, largely due to many people switching from public transit to driving into work.

Detached homes continue to dominate the market with an average price of $1,633,649 in the City of Toronto (5.7% increase vs. 2020) while semi-detached sales have slowed to 2.1% increase vs. last year to an average price of $1,205,814.

Stats

Here's the stat breakdown for July 2021

  • 9390 sales in July 2021 (-14.9% vs. 2020)
  • 12,551 new listings (-30.7% vs. 2020)
  • 15,018 active listings (-35.2% vs. 2020)
  • Average sale price = $1,062,256 (12.6% increase vs. 2020)
  • Detached avg. price = $1,633,649 (+5.7%)
  • Semi-detached avg. price = $1,205,814 (+2.1%)
  • Townhouse avg. price = $893,347 (+5.1%)
  • Condo avg. price = $715,977 (+4.8%)

Neighbourhoods w/ highest average sale price in Toronto for July 2021

#1 = C12 - $3,091,568 - 36 Sales
Bridle Path, Sunnybrook, York Mills & St. Andrew-Windfields

#2 = C09 - $2,316,177 - 22 Sales
Rosedale - Moore Park

#3 = C04 - $2,091,580 - 77 Sales
Forest Hill North, Lawrence Park North & South, Bedford Park - Nortown & Englemount-Lawrence

#4 = C02 - $1,642,887 - 81 Sales
Annex, Casa Loma, Wychwood & Yonge - St.Clair

#5 = C03 - $1,602,100 - 34 Sales
Forest Hill South, Homewood-Cedarvale & Oakwood-Vaughan

Summary

As summer comes to a close & people return to work/school, it will be interesting to see if the market resumes its crazy behaviour like we were experiencing in the spring.

There are many indications that the condo sector will continue to see strong growth through the rest of the year as rentals rebounds quite quickly from the slump it experienced in 2020.

This is causing many investors to re-enter the market who are then competing with first-time buyers who's most affordable real estate option are condos.

What do you think will happen with the real estate market this fall?

Let me know in the comments below :)

Rylie C.