Current Toronto, Hamilton, GTA Market Watch: Real Estate Stats 2023

Toronto, Hamilton, GTA Real Estate Market Stats 2023

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Toronto,Hamilton & GTA Real Estate Monthly Market Update - Market Outlook

Housing Market Report for August 2021

JULY NUMBERS SHOW STRONG DEMAND CONTINUES FOR HOME OWNERSHIP IN GTA

News Release: TORONTO, ONTARIO, August 14th, 2021 – With almost 9,400 residential homes sales reported in July 2021, demand for home ownership 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.

“Demand for ownership housing has remained strong despite a pandemic-related lull in population growth. Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place,” said TRREB President Kevin Crigger.

Greater Toronto Area REALTORS® reported 9,390 sales through TRREB’s MLS® System in July 2021 – down by 14.9 per cent compared to July 2020 result of 11,033. On a seasonally adjusted basis, July sales were down by two per cent compared to June.

The MLS® Home Price Index Composite Benchmark was up by 18.1 per cent compared to July 2020. The average price for all home types combined was $1,062,256 – up 12.6 per cent compared to July 2020. The detached market segment led the way in terms of price growth, driven by sales in the suburban regions surrounding Toronto. On a seasonally adjusted basis, the average price was up by 0.9 per cent compared to June.

“The annual rate of price growth has moderated since the early spring, but has remained in the double digits. This means that many households are still competing very hard to reach a deal on a home. This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022,” said TRREB Chief Market Analyst Jason Mercer.

“There is a huge backlog of people seeking citizenship or permanent resident status in Canada. A large share of these newcomers will ultimately choose to call the GTA home. This means ownership and rental market conditions will remain tight with upward pressure on prices for the foreseeable future. Policy makers at all levels must pursue a coordinated effort to bring on a greater diversity of supply in major metropolitan areas,” said TRREB CEO John DiMichele.

Housing Market Report for June 2021

Toronto, Hamilton, GTA Housing Market to Favour Sellers in 2021, Prices Expected to rise 6%

Our recent Toronto, Hamilton, GTA home analysis indicate that the housing market is expected to be in seller’s favour in 2021, characterized by a persistent supply shortage and rising prices. Low inventory has been a common trend across many Ontario housing markets in 2020, putting upward pressure on prices. Indeed, the Toronto, Hamilton, GTA housing market saw an average price rise increase to $918,883 in 2020 (Jan. 1-Oct. 31) compared to $819,832 in 2019 (Jan. 1-Dec. 31). A combination of growing demand, low supply and rising prices are expected to impact activity and prices in 2021. Thus, the Findlay Real Estate | Century 21 outlook for Toronto, Hamilton, GTA real estate is a 6% increase in average price to approximately $974,015 across all property types.

The Toronto, Hamilton, GTA housing market currently has two months of inventory. Housing inventory supply levels continue to decline, and are not expected to improve in 2021/2022, which may continue to push average home prices up.

Toronto GTA REALTORS® Housing Market Report for June 2021

Market Report Summary

Updated June 4th, 2021

- Average home prices continued to rise this May to new all-time highs
- Average sold prices increased by 28% year-over-year to $1.10M
- Detached home prices increased by 37% year-over-year to $1.42M
- Semi-detached home prices increased by 23% year-over-year to $1.06M
- Townhouse prices increased by 38% year-over-year to $950k
- Condo apartment prices increased by 9% year-over-year to $682k
- Housing inventory continued to decline to an average of 1.3 months

Toronto Housing Market Overview

DATA FOR MAY 2021

ALL PROPERTY TYPES	DETACHED	SEMI-DETACHED	TOWNHOUSE	CONDO APARTMENT
$1,108,453 Avg. Sold Price 28% increase vs. 05/2020	$1,415,698 Avg. Sold Price 37% increase vs. 05/2020	$1,064,361 Avg. Sold Price 23% increase vs. 05/2020	$949,983 Avg. Sold Price 38% increase vs. 05/2020	$682,280 Avg. Sold Price 9% increase vs. 05/2020
11,951 Transactions (Buy/Sell) 159% increase 05/2020	5,718 Transactions (Buy/Sell) 150% increase vs. 05/2020	1,233 Transactions (Buy/Sell) 166% increase vs. 05/2020	1,215 Transactions (Buy/Sell) 49% increase vs. 05/2020	2,710 Transactions (Buy/Sell) 170% increase vs. 05/2020

Overview Stats From TREB Real Estate Market Statistics

Toronto's housing market stabilized this May as home sales traced back below all-time highs. Since March, monthly home sales have dipped by 23%, marking an earlier-than-expected seasonal decline in activity. Home prices have remained relatively stable with average sold prices for all property types hovering around $1.09M. Inventory remained limited - a situation likely caused in part by COVID-19 lockdown measures.

Notice: Year-over-year comparisons for May will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Average sold prices were at $1,108,453 this May, up slightly from the previous high of $1.097M reached in March. Detached homes accounted for 53% of sales with an average sold price of $1,415,698, a 37% YoY increase. Semi-detached accounted for 11% of sales with an average sold price of $1,064,361, a 23% YoY increase. Townhouses took the same percentage with an average sold price of $949,983, a 38% YoY increase. Condo apartments accounted for the leftover 25% of sales with an average sold price of $682,280, a 9% Year over Year increase.

Hamilton Housing Trends Market Report for June 2021

Market Report Summary | Updated June 8th, 2021

- Average home prices in Hamilton stabilized this May as transactions edged lower
- Average sold prices increased by 31% year-over-year to $786K
- Detached home prices increased by 29% year-over-year to $857K
- Semi-detached/townhouse prices increased by 24% year-over-year to $667K
- Condo apartment prices increased by 27% year-over-year to $480K

Hamilton Residential Market Activity

The REALTORS® Association of Hamilton-Burlington (RAHB) reported a total of 1,811 sales of residential properties in May 2021. Sales were reported to be down 5 per cent compared to last month, and up 90 per cent from May 2020. New listings were reported to be down by 14 per cent compared to April 2021, and up 73 per cent from May 2020. The average price of a residential property for the entire RAHB market area was, $843,468, which is only a 1 per cent decrease from April 2021. There was a 29 per cent decrease when compared to May 2020. When it came to inventory that was available at the end of last month it was 6 per cent lower than April 2021.

The above chart, Residential Market Activity, we can see how each neighbourhood in the Hamilton and surrounding area did when it came to sales and the average price of a property. The area that had the most sales for May 2021 was the Hamilton Mountain with a total of 249 sales, and with an average price of $736,782. When it came to the area with the highest average residential property price for May, it was Ancaster. The average price of a property in this area was $1,186,037, with a total of 81 sales. We can now take a look at the below map and get an even closer look at each area.

HAMILTON REAL ESTATE DATA FOR MAY 2021

Current Hamilton MLS® stats indicate an average house price of $826,041 and 1,448 new listings in the last 28 days. As of today, Hamilton housing data shows median days on market for a home is 12 days.

ALL PROPERTY TYPES
$792,746 Avg. Sold Price 31% increase vs. 05/2020

DETACHED
$860,953 Avg. Sold Price 29% increase vs. 05/2020

SEMI-DETACHED/TOWNHOUSE
$667,672 Avg. Sold Price 24% increase vs. 05/2020

CONDO APARTMENT
$480,790 Avg. Sold Price 27% increase vs. 05/2020

Overview Stats From TREB Real Estate Market Statistics

Notice: Year-over-year comparisons for May will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Hamilton's housing market was stable this May as average sold prices stayed relatively constant month-over-month around $800K. Sales dipped slightly with a 5% month-over-month drop but still remained 98% higher than May 2020 levels. Inventory remained severely limited as the average home sold within 2 weeks of being listed.

The relative strength of detached homes vs condo apartments reversed this month as sold prices for detached homes fell while condo prices continued to surged upwards. Detached homes sold for an average of $860,953 this month, a slight drop from the previous high of $874K set in March. In comparison, average sold prices for condo apartments has continued to skyrocket these past few months, increasing from $472K in March to $480,790 this month. Given the limited number of transactions in Hamilton, however, these figures could be affected by temporary outliers.

Home prices in Hamilton still remain relatively affordable with average sold prices in Hamilton City Centre at less than $600K. Hamilton East is slightly more expensive at an average sold price of $622K. In contrast,average sold prices of homes in Toronto are beyond $1M in most regions. This difference is likely to remain as Toronto benefits from an expanded CMHC First-Time Home Buyer program and a growing tech sector.

The recent increase of the mortgage stress test rate to 5.25% could potentially affect affordability in the region for marginal buyers. However, it is much more likely to affect more leveraged home buyers in the rest of the GTA versus Hamilton, where homes are more affordable.

Stoney Creek Real Estate Stats May 2021

Current Stoney Creek MLS® stats indicate an average house price of $844,510 and 255 new listings in the last 56 days. As of today, Stoney Creek housing data shows median days on market for a home is 11 days

Stoney Creek	Value	Annual Change
Average Sold Price:	$844,510	24.3%
Home Sales:	185	79.6%

- Current 2021 Residential Market Activity Statistics | Free Report Downloads -

Toronto, Mississauga, Brampton, Milton, Oakville, Burlington & GTA Stats (Updated August 15th, 2021):

-July 2021 - Market Watch Report - Toronto & GTA - MLS Residential Market (Click To Download Full Report)

- May 2021 - Market Watch Report - Toronto & GTA - MLS Residential Market (Click To Download Full Report)

- April 2021 - Market Watch Report - Toronto & GTA - MLS Residential Market(Click To Download Full Report)

Hamilton, Ancaster, Stoney Creek Stats (Updated August 15th, 2021):

- May 2021 - Hamilton & Surrounding Area - MLS Residential Market Activity (Coming Soon)

- April 2021 - Hamilton & Surrounding Area - MLS Residential Market Activity (Click To Download Full Report)

Canadian Housing Market Overview in 2021

Canadians are on the move. Findlay Real Estate isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the OREA 2021 Housing Market Outlook Report. Century21 Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 Century 21 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:

Who and What Is Driving Demand for Toronto, Hamilton, GTA Real Estate in 2021?

The Toronto, Hamilton, GTA housing market has experienced shifts in buyer demand prompted by economic factors, lifestyle changes and immigration in the wake of COVID-19. Toronto’s condo market is currently a buyer’s market, whereas the rest of the GTA market favours sellers.

Given that remote work is a widely available option, many Toronto buyers have been choosing homes based on affordability, often outside of the city, versus being close to their place of work within the core. This migration outside of urban areas has been a common trend across many Canadian housing markets as well as regions abroad, as homebuyers seek more square footage and green space, and less density.

In 2021, the immigrant homebuyer is expected to drive market activity, which includes those coming to Toronto for education purposes, along with the expected influx of immigration from outside the country. Given this trend, condominiums will likely see the most activity in 2021, based on their affordability – particularly for first-time homebuyers.

Outside of the downtown core, the condominium market has been relatively balanced since the start of COVID-19, based on buyers looking for more space while still being mindful of budget.

Toronto, Hamilton, GTA’s luxury housing market remains largely un-impacted by COVID-19 and is driven by move-up buyers.

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