Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our September 2021 Toronto real estate market report.
There was a 49% drop in the listing inventory during September as buyers came back from summer vacations.
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
September numbers came in strong with 9,046 sales of houses and condos across the GTA. This is the third highest number of sales for September since 2000. A low supply of inventory contributed to keeping appreciation high.
Sales were down 18% overall from September 2020 although last year the market really took off that month.
Condo townhouse and high-rise suites took a much higher percentage of sales in September (37.6%) than normal signalling condos are back in demand. 3,401 units were sold in the month making that the highest-ever for the month of September.
The September 2021 average sale price for all GTA homes came in at $1,136,280… a big 18.3% increase compared to one year ago. If you compare this September to September 2019, two years ago, the average sale price is up 34.8%.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The ‘active listing’ inventory average for the month of September was down 49% compared to last year at this time with 9,191 active listings this year.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
With our busy market… the September ratio bumped up to 98.4% which is representative of an extremely busy seller’s market.
The days-on-market average for GTA / Toronto homes was 2 days faster at 14 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in SEPTEMBER 2021 as we come to 18 months since the start of the coronavirus pandemic.
- September sales (9,046) were 18% below last year but still were the 3rd highest ever for the month of September on TRREB
- The ratio of sales-to-listings slipped slightly to 98.4% in September– leaving us still in extreme seller market territory
- The September average sale price came in at a record $1,136,280– and rose to 18.3% above one year ago and 34.8% above the September average in 2019.
- The GTA real estate market overall averaged a quick 14 days-on-market
- Detached home sales in September 2021 with a purchase price over $2,000,000 were up 42% (583 houses) while condo apartment sales over $2M were up 15% (30 suites) compared to September 2020
- The CONDO townhouse / highrise share of the market came in at a big 37.6% during the month and sales were the highest ever for the month of September
- Downtown condo active listing numbers were up by 12% in C01 and by 26% in C08 from last year
- September year-over-year downtown condo sales were up in C01 (+30% & 2nd highest since 2000) and C08 (+9.5% & highest ever) compared to 2020 with specific monthly average sale prices showing 7.1% to 10.8% increases year-over-year for the first time
- The downtown condo days-on-market average increased slightly to 18 days (C01) & 15 days (C08)
- The ratio of sales-to-listings for condos downtown dropped slightly in C01 to 67.6% and in C08 to 42.3% leaving both condo districts in busy seller market territory
- Because of the influence of lower condo demand earlier this year, the adjusted average condo sale price was basically flat in both C01 and C08 from September 2020.
- September continued the trend we’ve had all year of lower listing inventory and high buyer demand. September continued the recovery for condo sales and for overall GTA sales number over previous years.
- September saw detached homes in the 905 appreciate year-over-year by an average 31% and 905 condominium average sale prices rose by 18%
- As we continue through the fall market, expect a typical pickup in sales and higher listing inventories through the next few months. This trend will likely continue through till late November
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