July continued on the recent trend of Summer 2021, which includes recovery from 2020 and adjusting from the Spring of 2021; where we saw very robust activity and high prices. This past month we saw a slight increase in prices over the month before (0.9%) and 12.6% increase from the year before (this is still the effect of market adjustment due to COVID-19). Transactions were down from last year 14.9% and down from last month 2%. I would account for this being that a year ago we started to see an uptick in activity that moved into the fall of 2020 and the winter of 2021 and lost some steam last month.

August will be much of the same and then in September we will be busy once again with a more normal fall market. Although not 100% normal as we will still be dealing with the after effects of the major COVID-19 impact and some of the lingering challenges (Delta variant etc).

For Buyers, August is always a good time to look at properties that have been sitting or did not sell and have been terminated (perhaps to come back in September) and see if an opportunity arises. There is less competition to be able to reasonably negotiate with the sellers vs a high stress bidding war.

Thank you and, as always, don’t hesitate to reach out if you would like to discuss my comments further and if you would like a more in depth analysis in your specific area as Toronto pricing is often area specific.