GTA Housing Demand Remains Strong

Greater Toronto, ON, Area (GTA) housing demand remains high, with the Toronto Regional Real Estate Board (TRREB) reporting the third-best sales result on record for the month of August. However, the supply of listings remains low. There were 8,596 sales through TRREB’s MLS System in August, down by 19.9 per cent compared to the August 2020 record of 10,738. Additionally, the number of new listings that entered the system for the condominium apartment market was down year-over-year by 43 per cent. “The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand and this situation will become worse once immigration into Canada resumes,” says Kevin Crigger, president at TRREB.