TRREB released its real estate market update and housing data for October. The 9,783 sales reported have put 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 condos. 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 list price. Durham continues to be one of the hottest TRREB districts, with an average days on market of 9 and selling for 15% above list price. By comparison, the average sale in Toronto took place in 16 days on market, at 6% above list price.
The real estate market update outlined that 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 single detached homes which were up 28.5% (18.7% in Toronto).
Curious about some of the things that impact the value of a home? Check out this article.
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, I’d love to speak with you. Of course, for future real estate market updates, make sure you’re following me on social.
For market reports in various Toronto and East GTA municipalities, click here. And if you’ve got questions, please touch base.
