June 2021
The year has been flying by and the residential real estate market continues to be very busy.
Homes of all types continue to sell at a fast pace with the average days on market down almost 35%, from 26 days in June 2020 to 17 days presently.
With continued strong demand sales are up 29% compared to last June with prices up 17% respectively
The resale condominium market continues to rebound, up 57% compared to June of last year and price up over 8%.
As home prices across the GTA continue to rise, condos are the more affordable option with first time home buyers and families who want to live in more urbanized centers and simply choosing to 'get into the market.'
The market for new construction continues to thrive as it continues to be a solid investment tool.
When purchasing a new condo or home, the extended deposit structure involved with the purchase allows those who do not necessarily have the usual 20% down payment to enter the real estate market either as an end user or investor.
In all major market segments, year-over-year growth in sales well outpaced growth in new listings over the same period, pointing to the continuation of tight market conditions characterized by competition between buyers and strong price growth.
To learn more about this process or if you have any other questions about real estate please do not hesitate to contact me.
I wish you and your family well this summer, I hope you find some time to rest and recharge.
Know that I am only a call, email or text away to assist with any of your real estate needs.