The Toronto Regional Real Estate Board (TRREB) has released its housing data for the month of October. The 9,783 sales reported have put total annual sales over the 100,000-mark for just the third time in history. With two months remaining in the year, TRREB members are fewer than 6,500 sales from establishing a new annual benchmark.
Year-over-year sales were down 6.9%, due in large part to growing demand for condominium apartments. Condos were up 28.9% from last year (up 33.7% in Toronto), offsetting declines in low-rise housing sales.
The average sale in October took place with only 13 days on market, at an average of 7% over the listing price. Durham Region continues to be one of the hottest TRREB districts, with an average days on market of 9, while selling for 15% above the listing price. By comparison, the average sale in the City of Toronto took place in 16 days on market, at 6% above the listing price.
Market conditions tightened across all major housing types. With new listings down 34.1% from the previous year, there were only 7,750 active listings at month’s end, or roughly a 24-day supply.
This lack of supply continued to drive prices upward in October. The average sales price was $1,155,345, an increase of 19.3% compared to last year. The MLS Home Price Index (HPI) Composite Benchmark, which reflects annual inflation, was up 24.2% (15.6% in Toronto). The biggest increase in value continues to be found in single detached homes which were up 28.5% (18.7% in Toronto).
Looking at price by category, detached homes sold for an average of $1,540,432, a year-over-year increase of 27.7%. The average price for semi-detached homes was $1,151,770 (+24.1%), townhomes rose to $957,103 (+27.9%), and the average price of condos was $703,698 (+13%).
As we enter the final two months of 2021, demand for home ownership remains very strong across the GTA. Supply continues to challenge many would-be buyers, in this robust “seller’s market.” If buying or selling real estate is one of your goals this fall, be sure to speak with a trusted sales professional so that you have the right support to realize your goals.
