A Shortage of Homes Is Apparent, and The Housing Numbers Are Worrying. Check out The Halton Region August 2021 Market Update Now!

 

The third-best sales record in TRREB's history was recorded in August 2021. Though the market has seen its normal summer lull, the need for owning homes is evident. Simultaneously, the availability of housing is on the decline. Competition among home buyers has been increasing in this tight market, resulting in double-digit yearly price hikes.

 

 

As shown in the graph above, according to TRREB's MLS System, Toronto real estate agents in the Greater Toronto Area saw a 19.9% drop in home sales in August 2021 compared to the previous year's record of 10,738, and new listings filed in the system were down 43 percent compared to the previous year's record of 18,599. Despite the decline, the average selling price continues to rise with a 12.6% increase.

 

This year's low number of new postings is really troubling. It implies that there is an undersupply of housing, and this will worsen when immigration to Canada increases. With the approaching federal election in mind, the federal parties have all put a focus on housing availability and affordability. 

 

If we take a further look into The Halton Region, more specifically Burlington and Oakville, you will see that there has also been a tremendous decrease in the number of sales and new listings.

 

 

 

On average, a property in Halton Region costs $1,070,911, up by 3.8 percent according to the most recent MLS data. While the number of sales dropped by 27.5 percent, there was also a 41.7 percent reduction in new listings.

 

In all three locations, it's clear that now is a great time to sell your home. As a buyer, however, it appears to be considerably more difficult due to a slowdown in new listings and an increase in home values.

 

Let's take a closer look at how particular property types compare in Burlington and Oakville.

 

 

 

The average price for all property types in Burlington and Oakville has risen. Prices increased by 3.8 percent in the Halton Region alone for all property types. The average price for detached homes in all of the Halton Region increased by 20.8 percent as a result of their popularity. The increasing popularity of detached and semi-detached homes in Oakville and Burlington was reflected in their 21.5% and 19% growth, respectively.

 

Although the number of sales and listings have declined in Oakville and Burlington, these cities remain popular in the GTA, where home demand continues to rise.

 

 

The Martin Group is the go-to brokerage firm if you have any queries regarding the GTA or Halton Region real estate market, whether you're a property buyer or seller. We're here to help with everything you may need.