October 2021 - Real Estate Report

By: Jesse Jenish

October 2021 - Real Estate Report


October 2021 IN REVIEW

Home sales in the Greater Toronto Area (GTA) reached the second-highest level on record for the month of October. However, the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately one-third compared to October 2020. Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.

TRREB released its monthly key housing market stats for October 2021 and reported 9,783 sales, down by 6.9% compared to October 2020 result. The number of new listings entered into the system was down by almost a third over the same period, with consistent declines across all major home types.

There were 11,740 new listings in October 2021, down by 34.1% compared to October 2020.

The average selling price in October was $1,155,345 up by19.3% year-over-year.

If you have any questions or would like to find out if it's the right time for you to buy or sell, don't hesitate to give me a call or text at 647-522-9057 or send me an email to jesse@jessejenish.com.