Creb - September 1st 2021
Sales activity in August was higher than anything recorded over the past six years, but thanks to continued gains in new listings, inventory levels remain elevated compared to last year and longer-term trends. With 332 sales and 1,786 units in inventory, the months of supply remained above five months in August.
While conditions are far better than last year, the apartment condominium sector has not seen the same type of sellers’ market conditions present in other property types, limiting price growth. As of August, the benchmark price was just over two per cent higher than last year, but it remains nearly 16 per cent lower than previous highs.
Row / Townhouses
The pace of growth in the sector has slowed, but row sales maintained their momentum in August, which was enough to push year-to-date sales to a new record high. New listings have also risen, preventing a more significant drop in inventory levels, but the months of supply fell just below three months in August.
The tighter conditions have been supporting price gains throughout most of the year, but the pace of growth is starting to slow. The row benchmark price in August pushed above $300,000, eight per cent higher than last year. Row prices have improved, but they remain lower than previous highs across every district in the city.
FULL CREB SEPTEMBER 1st 2021 REPORT