According to the Toronto Regional Real Estate Board (TRREB), in September of this year, 9,046 homes were reported sold through the MLS®. Compared to September of 2020 where there were 11,033 reported. This is an 18% decrease year-over-year, however it’s an increase over August 2021, where 8,596 were reported sold. 

Month-over-month, we are seeing an increase in sales activity, most likely due to the start of the traditionally busy fall market. However, record-low inventory levels continue to persist, which contributes to the rising house prices. In September 2020, the average home price in Toronto was $960,613. Year-over-year, this has gone up by 18.3% to $1,136,280 in September 2021.

With the federal election behind us, real estate market watchers have had their eye on how political parties plan to improve this low-supply, high price conditions for Canadians. 

TRREB President, Kevin Crigger has recently said, “The lack of housing supply and choice has reached a critical juncture. Bandaid policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution.” 

A Closer Look at the Condo Market

The condo market in Toronto remains stable with 2,664 condos reported sold in September. This number is slightly higher than August’s 2,544 and also 13% higher year-over-year from September 2020. 

Prices are also up by 11.6% year-over-year. The average condo price in Toronto has gone up to $708,521 in September. 

As pandemic restrictions continue to lift and post-COVID life begins to return to normal, the condo market continues to pick up speed. With more first-time buyers and investors entering the condo market, analysts expect to see high competition and rising prices continuing to trend. 

A Look at What’s to Come

Analysts and real estate market experts predict that the trend of low inventory and rising prices will continue for the coming months and even years. For sellers, this is a great time to sell, and although the market is not currently favourable for buyers, there are still many opportunities for buyers to succeed in the market with the help of an experienced real estate professional. 

Interested in making a real estate move in this market? Contact me today and see how I can help!