Home prices across Toronto, Canada’s most populous city, climbed nearly 13% in July from a year ago, while new listings fell almost 31%, data from the Toronto Regional Real Estate Board (TRREB) showed on Thursday.
Sales fell about 15% in July, but remained above average for this time of year after setting a record in June. Condominiums, whose sales fell last year as many people sought larger homes further away from cities, were the only type of housing with sales growth from a year earlier. “The annual rate of price growth has moderated since the early spring, but has remained in the double digits,” said TRREB Chief Market Analyst Jason Mercer.
“This strong upward pressure on home prices will be sustained in the absence of more supply, especially as we see a resurgence in population growth moving into 2022.”