The Toronto housing market remains strong but are we heading towards a normal market? June home sales were up 28% compared to last year but remained below the March 2021 peak and were lower than the number of transactions reported for May, consistent with the regular seasonal trend. The average sale price in June was up 17% compared to last year coming in at $1,089,536.

The GTA reported 11,106 sales – up 28.5% compared to June 2020. The average detached home in the 905 shot up 24.8% to $1,407,540 and in Toronto a detached home was up 11.5% to $1,699,881. Year-over-year sales growth was strong in the condominium segment. The average sale price for a condo in the GTA was up 8.3% to $683,479 and for the City of Toronto condos were up 6.7% to $717,466.

As home sales in the Greater Toronto Area (GTA) continue to outpace new listings, the Toronto Regional Real Estate Board (TRREB) has revised its 2021 sales forecast and average listing price, with the expectation that they will both rise even higher — to record levels. TRREB released its initial forecast for 2021 at the beginning of February in conjunction with its annual Market Year in Review and Outlook report. The outlook for 2021 called for 105,000 transactions with an average selling price of $1,025,000.

Considering the record Q1-2021 sales result, TRREB has revised its 2021 sales forecast and anticipates the year will end with 115,000 transactions (the highest ever) - 10,000 more than it originally forecast. With year-over-year sales growth continuing to outpace new listings growth, the forecast average selling price has also been revised upward to $1,070,000, a $45,000 increase.