𝐌𝐀𝐑𝐊𝐄𝐓 𝐑𝐄𝐂𝐀𝐏 | 𝐀𝐔𝐆𝐔𝐒𝐓 𝟐𝟎𝟐𝟏 In August Greater Toronto buyers continued to be challenged by a steep shortage of supply and the market has shown no signs of slowing down. The supply of listings in GTA is down 43% since last August. It is no surprise that demand has stayed so strong: there simply not been enough new homes built in recent years across the city to keep pace with the demand. Buyers are competing for just over half of the properties that were available this time last year. The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes. If one is thinking of waiting it out for prices to drop, I believe home prices will continue to rise into 2022. Let’s have a look at average sale prices of detached homes in Toronto and surrounding areas compared to August of last year. - Toronto: +9.3% at $1,66M - Vaughan: +29.8% at $1,79M - Richmond Hill: +19% at $1,85M - Mississauga: +13.9% at $1.48M - Markham: +16.7% at $1,69M - King City: -9.2% at $2,10M - Newmarket: +19% at $1,25M - Aurora: +13.5% at $1,50M - Bradford: +29.4% at $1,12M - Innisfil: +19.8% at $929,000 - Milton: +29.6% at $1,37M - Stoufville: +30.3% at $1,58M - Burlington: +19.6% at $1,40M