After a slower summer market (the public was busy enjoying their lockdown-free lives), September marked the transition into the busier fall market.
Market conditions tightened compared to September 2020, with sales representing a substantially higher share of listings.The number of listings was down 34% from last September with the number of sales down 18%.This caused the average sale price to increase 18.3% from September 2020 to $1,136,280.
A note on this lack of supply from TRREB President Kevin Crigger-
“Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done. 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.”
And a note on the improving condo market from TRREB Chief Market Analyst, Jason Mercer-
“Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth over the past few months as first-time buyers reentered the ownership market. Look for this trend to continue,”
Please reach out with questions anytime, we’re always happy to chat.
Below is a look at average freehold prices & condo prices per square foot from the 3rd quarter, organized by neighbourhood. I also include the average price from the 3rd quarter of 2020 for comparison.