The Greater Toronto Area saw sales numbers for October 2021 fall just slightly shy of setting a new record, with the second-highest recorded number of homes sold.
The amount of homes on the market could not satisfy the level of demand though, with the number of new listings falling by around a third compared to the same month last year.
There were also tighter market conditions across all types of homes in October 2021, while the annual price growth rate stayed in double digits.
Kevin Crigger, president of TRREB, said that “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. This collaboration could be spearheaded, at least in part, with housing-related incentives tied to federal infrastructure investment.”
There were 9,783 sales reported in October by GTA Realtors via TRREB’s MLS System. This was shy of October 2020’s record by six per cent.
The MLS Home Price Index Composite Benchmark increased year-over-year by 24.2 per cent, whilst the average selling price was $1,155,345 across all home types, a rise of 19.3 per cent year-over-year.
The number of house sales in the Greater Toronto Area in October 2021 came close to hitting the record, with the second-highest sales numbers since records began.
The market could not keep up with demand though, with new listings down by one-third compared to the same period in 2020. With market conditions tighter across all home types, the annual price growth rate stayed in double digits, including the condominium segment, which has been seeing a resurgence.
So what were the numbers like for this segment?
There were 2,899 condominium apartments sold in October 2021, showing a year-over-year increase of 28.9 per cent.
The average selling price for condos was $703,698, marginally less than September but still showing a double-digit price growth rate at 13 per cent year-over-year.
TRREB Chief Market Analyst Jason Mercer said this with regards to the latest report: “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. A key part of future economic development in the GTA will be the ability to provide adequate ownership and rental housing supply so that people can continue to move to the region to live, work and spend money in the local economy.”