The Toronto Regional Real Estate Board says the market started the fall season with an 18 percent increase in homes sold in September and a 34 percent drop in new listings.
The Ontario Board revealed Tuesday that 11,033 homes changed hands in the region last month, up from 9,046 last September.
Sales growth is normal as autumn approaches, but the board said this year’s spike was the third-highest on record for September and signals the market is still facing tighter conditions.
“Demand has been incredibly strong throughout September with many qualified buyers who will be buying homes tomorrow, provided they find a suitable property,” said Kevin Krieger, president of TRREB, in a release.
Brokers and potential buyers and sellers have long been eyeing the downside after slowing summer sales and dwindling supplies.
Realtors said in August that many of their clients were taking leave or delaying their search for a home or buyer until the children returned to school, border restrictions were loosened and people listed properties once again. started doing
But September did not deliver everything they had hoped for.
Active listings, TRREB said, experienced a steep decline, falling nearly 50 per cent to 9,191 from 18,167 in September 2020.
New listings for the month stood at 13,483, up from 20,441 in the previous September.
“With new listings in September down a third from last year, it’s easier for many people to buy a home,” Krieger said.
People who manage to buy a home are also spending more on average than before.
TRREB said average prices rose 18.3 percent last month to more than $1.1 million, up from $960,613 last September.
Condo apartments averaged $708,521, townhouses rose to $909,226, semi-detached homes were priced at $1,114,696 and detached properties were priced at $1,526,465.
“Price growth in September continued to be driven by low-growth market segments, including detached and semi-detached homes and townhouses,” said Jason Mercer, chief market analyst at TRREB, in a release.
“However, competition among buyers for condo apartments has increased significantly over the past year, which has led to price increases over the past few months as first-time buyers re-enter the ownership market. This trend is likely to continue. Look for.”
The board predicted in February that by the end of the year, the average selling price in the region would reach $1.025 million, up from last year’s average of $929,692.
The Real Estate Association of Canada predicted in May that average home prices nationwide would reach $649,400 by the end of 2021 and $704,900 in 2023.