October 2021 Market Report
Another fall market update for you! With prices up across every major home type across the Y-O-Y, the average selling price for all homes combined rose by 19% Y-O-Y to $1,155,345 in the GTA ($1,122,463 in Toronto). Prices in October were driven by the low rise market as buyers continue to opt for larger spaces. Mortgage rates are still incredibly low, so despite the lack of supply it’s still a great time to get into the market/make a move!
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,” said TRREB President Kevin Crigger.
GTA REALTORS® reported 9,783 sales through TRREB’s MLS® System in October 2021 – down by 6.9 per cent compared to the October 2020 record of 10,503. A strong double-digit increase in condominium apartment sales mitigated annual declines in low-rise home sales. The number of new listings entered into the system was down by almost a third over the same period, with consistent declines across all major home types.
View the full report here.
