The Average Home Price in Toronto has officially Breached $1.1 Million
October 8, 2021 | Homeowners
A total of 13,483 homes were brought to market in September, down -34% from the same time frame in 2020, though marking a small improvement from August by 2,874.
According to TRREB President Kevin Crigger, the lack of housing supply in the GTA has become a chronic issue that now requires a united approach beyond measures to decrease buyer demand, such as the stress test increase introduced in June.
While demand for condos has been roaring back over the past few months – it was the only home type to see a year-over-year increase in sales – the bulk of price growth continuing to be in the single-family home segments.
Notably Durham Region saw sales fall -33% with 1,006 transactions, new listings decline by -30%, and a steep SNLR of 77%. While York Region continues to the be priciest in all of the GTA, with homes selling for an average of $1,359,010 (+27%). Sales and new listings fell -17% and 37% year over year respectively, as 1,695 homes changed hands, leading to an SNLR of 70%.
As Canada continues to rebuild its economy amid the pandemic’s ongoing fourth wave, renewed consumer confidence and economic optimism are fuelling the country’s luxury real estate market in the process.
As demand goes unfilled, coupled with an expected influx of prospective buyers, prices are anticipated to rise further as activity remains steady during the busy fall market.
The Greater Toronto Area (GTA) luxury real estate market eclipsed all other major markets during the first six months of 2021. Residential sales over $4M, including condominiums, attached and single-family homes, soared an aforementioned 276%, while sales over $1-million increased 217% year-over-year in a sellers’ market characterized by “exuberant consumer and investor confidence, heated bidding wars, sharply rising prices, and an under-supply of top-tier inventory.”
Want to know more about the market? Reach out today!