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GTA Market Chart - November 2021
GTA Great Toronto Area Housing Market Stats - November 2021
Home sales reached a new record for the month of November and the average selling price also reached a new all-time high. New listings were down substantially compared to last year for all market segments – further highlighting the inherent supply issue across all home types in the Greater Toronto Area (GTA). GTA REALTORS® reported 9,017 home sales through TRREB's MLS® System in November 2021 – 3.3 per cent above the November 2020 result, setting a new record. In contrast, new listings were down by 13.2 per cent year-over-year, with double-digit declines for low-rise home types, and condominium apartments.
"Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future. The GTA remains the primary destination for new immigrants, and is at the centre of the Canadian economy. For far too long governments have focused on short term bandaid policies to artificially suppress demand. Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid-density housing ongoing housing affordability challenges will escalate. On this point, we commend the City of Toronto for moving forward with initiatives to facilitate the creation of more mid-density home types, including their current consultations on options to encourage more multiplex development across the city," said TRREB President Kevin Crigger.
The MLS® Home Price Index composite benchmark was up by 28.3 per cent year-over-year in November 2021. The average selling price for all home types combined was $1,163,323 – up by 21.7 per cent compared to November 2020.
"A key difference this year compared to last is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years," said TRREB Chief Market Analyst Jason Mercer. Quick Overview: https://trreb.ca/index.php/market-news/market-stats
GTA Real Estate Market Stats - August 2021
TRREB is reporting the third-best sales result on record for the month of August. While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices.
Greater Toronto Area REALTORS® reported 8,596 sales through TRREB’s MLS® System in August 2021 – down by 19.9 per cent compared to the August 2020 record of 10,738. The condominium apartment market segment bucked the overall sales trend, with year-over-year growth in sales, continuing a marked resurgence in 2021. The number of new listings entered into the System was down year-over-year by 43 per cent.
“The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes. The federal parties vying for office in the upcoming federal election have all made housing supply and affordability a focal point. Working with provincial and municipal levels of government on solving supply-related issues is much more important to affordability than interfering with consumer choice during the home buying and selling offer process or revisiting demand-side policies that will at best have a short-term impact on market conditions,” said TRREB President Kevin Crigger.
The August 2021 MLS® Home Price Index Composite benchmark was up by 17.4 per cent year-over-year. The average selling price for all homes combined was up by 12.6 per cent year-over-year to $1,070,911. The strongest annual rates of price growth are still being experienced for low-rise home types. However, average condominium apartment price growth is now well-above inflation as well. On a seasonally adjusted basis, the average selling price continued to trend upward in August.
January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.
The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period.
Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.
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