➕ While the temperatures are cooling, the fall Toronto Real Estate market continues to heat up.
Average monthly home prices in Toronto reached the second-highest level on record for 2021, driven by sustained low inventory and new listings across all major home types compared to last year. Of particular note, the Toronto townhouse segment reached a record high average price of $1,025,257, surpassing the million dollar threshold. Moreover, despite the tight market conditions, overall Toronto sales climbed +8% vs. October 2020, largely driven by the resurgence of condo market segment.
“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply. The
federal government has stated that collaboration with provinces and municipalities is required.” said TRREB President Kevin Crigger.
“The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue” said TRREB Chief Market Analyst.
Selling prices in Toronto for all major home types were in the double digits with average selling prices for detached houses [+21%], semi-detached houses [+15%], townhouses [+24%], and condos [+11%] vs. October 2020.
Looking to buy or sell a home in Toronto? Average prices in October were: