Market Update: Toronto, ON October 2021
As the busy fall real estate season begins throughout the Greater Toronto area, September 2021 sales increased month-over-month, and selling prices increased year-over-year according to the latest market statistics from the Toronto Regional Real Estate Board.
Buyer demand showed continued growth as the fall season began with September recording 9,046 sales with the average selling price at $1,136,280, an 18.3% increase compared to this time last year. Residential real estate transactions increased 0.7% month-over-month, and the average selling price increased 1.8% in the same time period.
Market conditions have been noticeably tighter compared to last year with new listings down 34%, according to the report.
“Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture. Bandaid policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution,” said Kevin Crigger, TRREB President.