Toronto Housing Market Sustains Strong Price Growth Through September 2021
Through September in Toronto, home sales were up but new listings were down, sustaining significant price growth for yet another month. Will Toronto ever be free of this housing crisis, where demand continues to far outpace supply?
Here’s the Toronto Regional Real Estate Board’s analysis for September 2021, with graphics courtesy of Market Watch:
TORONTO, ONTARIO, October 5, 2021 – September marked the transition from the slower summer market to the busier fall market in the Greater Toronto Area (GTA). Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different. Sales increased relative to August and were also at the third-highest mark on record for the month of September. The average selling price was up both month-over-month and year-over-year.
GTA REALTORS® reported 9,046 sales through TRREB’s MLS® System in September 2021 – up in line with the regular seasonal trend from August. Compared to last year, market conditions tightened noticeably, with sales representing a substantially higher share of listings, and a significantly lower number of new listings across the board. Resurgence in the condo market was a factor in the higher share of listings sold. The total number of sales was down 18 per cent from 2020’s record Septemberresult, in large part due to the lower number of new listings, which were down 34 per cent from the same time last year.
If you’d like to see more in-depth figures – by housing type and/or geographical area – here’s the complete set of September 2021 TRREB Stats.
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