September is traditionally the month the Greater Toronto Area sees an upswing in sales. September 2021 followed tradition with an increase in sales over August, as well as seeing the third-highest mark on record for September. Increases included the average selling price, year-over-year, up 18.3% reaching $1,136,280. Prices were also up month-over-month.
There were 9,046 sales through TRREB’s MLS® System, keeping pace with expected seasonal trends. A tighter market showed a higher share of listings and lower number of new listings. This is thanks in part to the higher share sold. Demand continues to be a major factor with listings down 34% from last September.
It will continue to be a challenge for homebuyers to find a home despite efforts by the government to help quell the charge of buyers out there. With the federal election behind us, it will be up to the next elected Ontario government to introduce policies that will help address key housing issues.
For more on how the election has affected Toronto housing market check out this blog.
Photo by Chris Liverani on Unsplash
