Toronto's Fall Market Housing Update 🍁🏡 Best Toronto Real Estate Agent
Saturday Oct 23rd, 2021
**CHECK OUT THE FULL TRANSCRIPT BELOW**
Here is your Fall Market Update for Toronto real estate 🍁🏡
These numbers were released by the Toronto Real Estate Board and can be viewed here (click here).
Thank you for watching!
00:36 - average price increase for all property types combined in the GTA
00:49 - average property price in the GTA
00:54 - housing sector that saw the highest increase in value
1:13 - housing sector that saw the lowest increase in value
1:32 - average price for a fully detached home
1:41 - average price for a semi-detached home
1:49 - average price for a townhouse
1:56 - average price for a condo
2:05 - volume of sales September 2020 vs September 2021
2:35 - final thoughts
Hey guys, it's Karen from Toronto here.
We've got your fall market update for Toronto real estate. And last month September was a transition from a slower summer's market into a busier fall market. So let's take a look at the numbers together.
Overall the housing market in the GTA continues to be a strong seller's market. And that's the result of a housing supply shortage with -49.4% fewer active listings compared to last fall. That means that buyers are competing with only half the amount of housing inventory that was available last year. And this is clearly driving up housing prices with the average property price going up by +18.3% from $960,613 to $1,136,280.
The housing sector that continues to see the highest price increase, on average, are detached homes in the 905 suburbs. And detached homes saw an incredible +31.4% increase in housing prices between September 2020 to September 2021.
On the other hand, the housing sector that saw the lowest increase in prices, on average, were Toronto townhouses. And they saw a more conservative +7.2% increase in prices over the past year.
Now to put things into perspective, let's look at the average price of a home.
For a fully detached home in Toronto, the average price is $1,778,928.
A semi-detached home comes in at an average price of $1,304,504.
While a townhouse in Toronto, costs an average price of $930,056.
Now for the condo market, the average Toronto condo comes in at $744,730.
In terms of the volume of sales, September's numbers were down by -18.0% compared to the same time last year. And the main reason the number of sales were down is because the inventory was down by -49.4%. So if the number of properties available for sale, are down by nearly half the amount, it makes sense that there would be fewer sales.
Overall the market is still very active and there's been a significant increase in the number of condo sales.
Here are some final thoughts. The GTA continues to be a phenomenal seller's market. And the data indicates that that trend will continue. What is slightly concerning is that the number of properties listed for sale is down by a whopping -49.4%, compared to the same time last year. And since there is a strong demand to purchase real estate, this lack of housing supply is really driving up housing prices and posing a challenge for those who are purchasing. So a great point that our Toronto real estate board president Kevin Crigger had mentioned, is that our city ought to focus on resolving the low housing supply issues. And that's because our low housing supply is driving up real estate prices. So while politicians can certainly introduce policies to soften the real estate market, those policies at best would have a short-term impact only, by offsetting the housing demand temporarily. If we're looking for a longer-term solution, what is advisable is the best focal point being creating more housing supply.
In the meantime, let's keep in mind that these average statistics that are released by the Toronto Real Estate Board are just one indicator of how the real estate market is doing overall. The Greater Toronto Area is a huge market, and there is still a tremendous amount of variation. The local real estate market in your neighbourhood or in your condo building, could be very different than these average statistics.
If you're curious to know the estimated value for your property, feel free to reach out to our team. And in the meantime, if you have any real estate questions or needs, give us a call.