GTA Sees Strong Home Ownership Demand

With almost 9,400 sales reported in July, demand for ownership housing in the Greater, Toronto, ON, Area (GTA) region remained well-above average for the time of year despite being below the record July result set a year earlier, says the Toronto Regional Real Estate Board (TRREB). Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. July sales were 14 per cent lower year-over-year and down two per cent on a seasonally adjusted basis over June. “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,” says John DiMichele, CEO of TRREB. “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 co-ordinated effort to bring on a greater diversity of supply in major metropolitan areas.”