October… A Month Of Superlatives

By: Thomas Cook

October… A Month Of Superlatives

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our October 2021 Toronto real estate market report.
 
The average sale price set a new record as active listing inventory tanked during October.
 
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
October numbers came in strong with 9,783 sales of houses and condos across the GTA.  This is the second highest number of sales for October since 2000. An ultra-low supply of inventory contributed to keeping appreciation high.
 
Sales were down 7% overall from October 2020 although last year the market really took off in the fall.
 
Condo townhouse and high-rise suites continued to maintain a much higher percentage of sales in October (37.8%) than in the past year signalling condos are back in demand.  3,696 units were sold in the month making that the highest-ever for the month of October.
 
The October 2021 average sale price for all GTA homes came in at $1,155,345… a big 19.3% increase compared to one year ago.  If you compare this October to October 2019, two years ago, the average sale price is up 35.6%.
 
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 October was down 55% compared to last year at this time with 7,750 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 October ratio bumped up to 126.2% which is representative of an ultra-busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was 1 day faster at 13 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in OCTOBER 2021 as widespread vaccination acceptance slows infections locally.


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