➕‘the numbers’ for November are in!   It was a record month for the average selling price for detached, semi-detached and condo Toronto market segments, and active listings continue to produce double digit declines vs. November 2020, but also for the fifth straight month.

These trends highlight the continuing supply issue in Toronto, which is mirrored across all home types in the GTA. TRREB President Kevin Crigger recently said “The GTA remains the primary destination for new immigrants, and is at the centre of the Canadian economy”   The low supply issue is not transient and demand will persist.  The City of Toronto took a step in the right direction by moving forward with initiatives to facilitate the creation of more mid-density home types.

"A key difference this year compared to last is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years," said TRREB Chief Market Analyst Jason Mercer.

Selling prices in Toronto for all major home types were in the double digits with average selling prices for detached houses [+22%], semi-detached houses [+23%], townhouses [+20%], and condos [+17%] vs. November 2020.

Looking to buy or sell a home in Toronto?  Average prices in November were:
➕Detached  $1,807,983
➕Semi-detached  $1,431,988
➕Townhouse $981,759
➕ Condo $745,951

➕‘the numbers’ for October are in! And while the temperatures are cooling, the fall Toronto Real Estate market continues to heat up.

Average monthly home prices in Toronto reached the second-highest level on record for 2021, driven by sustained low inventory and new listings across all major home types compared to last year.  Of particular note, the Toronto townhouse segment reached a record high average price of $1,025,257, surpassing the million dollar threshold.   Moreover, despite the tight market conditions, overall Toronto sales climbed +8% vs. October 2020, largely driven by the resurgence of condo market segment.

“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply. The federal government has stated that collaboration with provinces and municipalities is required.” said TRREB President Kevin Crigger.

“The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue” said TRREB Chief Market Analyst.

Selling prices in Toronto for all major home types were in the double digits with average selling prices for detached houses [+21%], semi-detached houses [+15%], townhouses [+24%], and condos [+11%] vs. October 2020.

Looking to buy or sell a home in Toronto?  Average prices in October were:

➕Detached  $1,784,979
➕Semi-detached  $1,322,229
➕Townhouse $1,025,257
➕ Condo $739,547

➕‘the numbers’ for September are in!   Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different.   September marked a transition from a ‘slower’ summer market to the busier fall market in Toronto.

Compared to last year, market conditions tightened noticeably, with sales representing a substantially higher share of listings, and a significantly lower number of new listings across the board.  “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.” said Kevin Crigger, TRREB President.

“Price growth in September continued to be driven by the low-rise market segments, including detached and semi-detached 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 reenter the ownership market. Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.

Selling prices in Toronto for all major home types increased with average selling prices for detached houses [+20%], semi-detached houses [+14%], townhouses [+7%], and condos [+9%] vs. September 2020.   

Looking to buy or sell a home in Toronto?  Average prices in September were as follows:

➕Detached  $1,778,928
➕Semi-detached  $1,304,504
➕Townhouse $930,056
➕ Condo $744,730

➕‘the numbers’ for August are in!  Demand for Toronto Real Estate remains strong, yet at the same time, the supply of listings is down -43% vs. August 2020.   The result?  Upward pressure on prices due to tighter market conditions with many buyers still competing in multiple offers.  Further, with new inventory, Toronto realized a decline in total sales [-11%] vs. Aug 2020 in all housing segments with the exception of a strong resurgence in the condo segment where sales increased 13% vs. August 2020.
Selling prices in Toronto for all major home types increased with average selling prices for detached houses [+11%], semi-detached houses [+4%], townhouses [+9%], and condos [+7%] vs. August 2020.   It is clear that the supply of homes is not keeping pace with demand. As we move towards 2022, expect market conditions to further tighten as population growth in the GTA starts to trend back to pre-COVID levels.
Looking to buy or sell a home in Toronto?  Average prices in August were as follows:

➕Detached  $1,674,641
➕Semi-detached  $1,214,624
➕Townhouse $905,520
➕ Condo $720,832

➕‘the numbers’ for July are in!  Demand for Toronto Real Estate remains strong and many households are still competing in multiple offers, despite the pandemic lull in population growth. The number of sales of detached, semi-detached and townhouses remained below the record set last July, however market conditions tightened resulting in price appreciation vs. July 2020.  Of particular note, demand in the condo segment grew with both sales and prices vs. July 2020.  In the absence of more supply, strong upward pressure on home prices can be expected to continue, especially as we realize a resurgence in population growth.

Selling prices for all major home types remained strong with average selling prices for detached houses [+6%], semi-detached houses [+2%], townhouses [+5%], and condos [+5%] vs. July 2020.

Looking to buy or sell a home in Toronto?  Average prices in July were as follows:

➕Detached  $1,633,649
➕Semi-detached  $1,205,814
➕Townhouse $893,347
➕ Condo $715,977