GTA Real Estate Market Stats, September 2021

October 5, 2021


TORONTO, ONTARIO, October 5, 2021 – September marked the transition from the slower summer market to the busier
fall market in the in the Greater Toronto Area (GTA). Every year, we generally see an uptick in sales, average selling price
and listings after Labor Day, and September 2021 was no different. Sales increased relative to August and were also at
the third-highest mark on record for the month of September. The average selling price was up both month-over-month
and year-over-year.
GTA REALTORS® reported 9,046 sales through TRREB’s MLS® System in September 2021 – up in line with the regular
seasonal trend from August. 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. Resurgence in the
condo market was a factor in the higher share of listings sold. The total number of sales was down 18 per cent from 2020’s
record September result, in large part due to the lower number of new listings, which were down 34 per cent from the same
time last year.
“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,” said
Kevin Crigger, TRREB President.
The MLS® Home Price Index Composite Benchmark was up by 19.1 per cent year-over-year in September 2021. The
average selling price for all home types combined was up by 18.3 per cent year-over-year to $1,136,280.
“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 re-entered the ownership market. Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.

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