Throughout October 2021, home sales across the GTA were close to an all-time high for this month compared to year-over-year data from previous years. Despite the rise in sales, the inventory when it came to homes on the market was outweighed by the demand. When compared to numbers from October of 2020, the count of new listings had reduced by about one-third in the GTA. Each major home type encountered a tightening of market conditions compared to last year, and double digits continued to characterize the rate of average price growth annually. This also includes condominium apartments that homeowners put up for sale.
Curious to know the latest updates on GTA home prices? Read on!
Addressing the affordability of homes
In response to the recent findings, the President of the Toronto Regional Real Estate Board (TRREB) has stated that to sustainably address the issue of affordable housing in the GTA, the consistent gap between supply and demand must be dealt with. They highlighted that rising demand will be a constant factor moving forward, and as a result, supply should be the focus at each of the three levels of government. Overall, the low-rise side of the market kept driving price growth during October of this year, and from an annual standpoint, condominium apartments followed a similar story as well.
Fluctuations in home sales
Realtors based in the GTA reported 9,783 sales through a TRREB database by the end of October 2021. This is a decrease of 6.9% from the same month in 2020, which obtained a record of 10,503 transactions. The sale of condominium apartments had a double-digit rise alongside the yearly declines for low-rise homes sold. Notably, in the case of new listings being added to the database this month regardless of home type, this number was almost a third lower when compared to data from October 2020. Putting two and two together, the TRREB report indicates that the drop in home sales in October of this year compared to last year may be due to a lesser number of homes listed on the market.
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