The GTA saw the second-highest level of home sales on record this October. Unfortunately, we continue to see inventory levels falling sadly short of demand. This translates into a decrease in listings by about a third of what we saw in October of last year. Addiitonally, although there was a decrease in sales through TRREB’s MLS® System in October 2021 year-over-year, this is mainly because it would be hard to beat last year’s record of 10,503.
Some noteworthy numbers include:
- A 2% increase in the MLS® Home Price Index Composite Benchmark year-over-year
- A 3% increase in the average selling price for all homes combined, year-over-year to $1,155,345
- The Sales-to-Listings ratio for October was 83% compared to 59% last year
- New listings were down by 37% from last year
- Active listings were down by 55% from last year
- The Average Days on Market was also down by 25%
As you can see, the numbers tell a very clear story that the market is tight. Buyers are hard pressed to find a home in this competitive market, but could find some solace if they are willing to go the condo apartment route. Prices are lower and inventory is higher compared to all other home categories.
To learn more about the market and how new legislation is changing it, check out this blog.
Photo by Marcus Lenk on Unsplash
