November Real Estate Report

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.