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September in Ontario is usually a month when you see the real estate market heats up again for fall after a slower summer period, especially following Labor Day, and 2021 was no exception for the Greater Toronto Area (GTA). But sales weren’t just up from August — they were the third highest of every September on record.
Using the Toronto Regional Real Estate Board (TRREB) MLS® System, there were 9,046 property sales in September 2021, which is significantly higher than the usual seasonal trend for the month.
However, there were still 18% fewer sales than in September 2020, when the highest number of sales for the month was achieved. This was mostly due to a lower number of new listings overall this year — there were 34% fewer than in 2020.
The average selling price was also higher than August 2021 and September 2020 thanks to the shortage of properties available and the continued demand from buyers. They’re now up 18.3% compared to last year, with the average price standing at an impressive $1,136,280. The low-rise segments, like detached and semi-detached properties, fared particularly well, as did townhouses.
Now, the supply problem has become critical, with many qualified and wealthy buyers struggling to find a property they like due to competition and lack of choice. Competition for condominium apartments is particularly fierce, with demand picking up in recent months now that first-time buyers have returned to the property market.
We can expect more competition and shortages to come — listings are unlikely to pick up again any time soon, and the problem could get worse as immigration returns to the city.