| Real Estate Market

The stats for September 2021 are in and the expected climb in house sales in the Greater Toronto Area has begun as is the norm for this time of year, so the Toronto Regional Real Estate Board’s (TRREB) latest report comes as no surprise.

9,046 sales were reported through the MLS System, with noticeably tighter market conditions; sales accounted for a higher number of listings, with a smaller amount of new listings in general.

Sales decreased by 18 per cent compared to the bumper result in September 2020 though, with listings down 34 per cent compared to the same period.

TRREB President Kevin Crigger said: “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. The lack of housing supply and choice has reached a critical juncture. Bandaid policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution”.

The MLS Home Price Index Composite Benchmark increased by 19.1 per cent year-over-year, while the average price for all house sales rose 18.3 per cent to $1,136,280.

As expected for this time of year, sales of homes in the Greater Toronto Area have begun to rise once again.

The To-ronto Regional Real Estate Board’s (TRREB) MLS System reported 9,046 sales for September, with incredibly tight market conditions; a higher number of listings were attributed to sales, while there was a general decrease in new list-ings.

September 2020’s record numbers weren’t quite matched, with sales down by 18 per cent and listings down by 34 per cent compared to that period. But how did the condominium market do in comparison?

2,664 condominium apartments were sold in September, an increase year-over-year of 13 per cent. The average price of a condo was $708,521, representing a growth of over 11% year-over-year. The most expensive condominiums went for over $2,000,000, with 30 condo apartments and 3 condo townhouses fetching in excess of that price.

TRREB Chief Market Analyst Jason Mercer had this to say on the latest report: “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached 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 reentered the ownership market. Look for this trend to continue.”

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