➕Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different. September marked a transition from a ‘slower’ summer market to the busier fall market in Toronto.
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. “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.” said Kevin Crigger, TRREB President.
“Price growth in September continued to be driven by the low-rise market segments, including detached and semi-detached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth over the past few months as first-time buyers reenter the ownership market. Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.
Selling prices in Toronto for all major home types increased with average selling prices for detached houses [+20%], semi-detached houses [+14%], townhouses [+7%], and condos [+9%] vs. September 2020.
Looking to buy or sell a home in Toronto? Average prices in August were as follows:
➕ Condo $744,730