November 16, 2021
#TORONTOMARKETSTATS
(Note: Numbers in parentheses represent August stats)
September ushered in the change of season. By month’s end 5,946 (4,207) homes became available with an average sold price of $1,090,196 ($1,000,008). Properties stayed on the market for 16 days on average. Vacation is well and truly over after a long summer. More homes are getting listed but this housing inventory is still over 30% lower than what is on record for the same month last year. However, total sold properties are only 4.4% less than in September 2020 and market duration is 3 days lesser than last month’s 19 days.
All numbers across the four major housing categories are on the rise compared to the same period in 2020. As previously predicted, it’s the same positive trend in comparison to how the market was in August with the exception of townhomes.
The demand for detached homes has yet to wane and in consequence, these are still selling high for an average of $1,778,928 ($1,674,641) at 19.6% (11.2%) YOY. The average sold price for semis enjoyed the most increase from $1,214,624 in August to $1,304,504. YOY is at 13.8% (4.1%). Condos continue to slowly but gradually increase in value, selling on average for $744,730 ($720,832), 8.5% (7%) higher than September last year. Townhomes are going for less on average at $1,148,501 from $1,159,794 in August. YOY also decreased for the second consecutive month at 2.6% compared to 5.8% in August but still higher than what it was in September 2020.Housing supply is still thin while demand is steadily high. Expect stiffer competition among buyers in the fall, which should ease somehow with more housing options coming to market. Don’t be daunted because it will still be nowhere near the frenzied competition we saw this past spring. Sellers be patient and work the market strategically.
Whether you are looking to buy or sell, professional help can work wonders. If you are thinking about it, have any questions, or need assistance, drop us a line and we are always happy to discuss. 