By: Julia Szemplinski

GTA REAL ESTATE MARKET UPDATE - DECEMBER 2021

Tags: HOMES FOR SALE, TORONTO, MISSISSAUGA, MILTON, BRAMPTON, OAKVILLE, VAUGHAN, GTA

 

The Resale Real Estate Statistics for the Month of November 2021 are in and Here are the Key Facts

- 9,017 sales reported through Toronto Real Estate Board’s MLS (up 3.3% from November 2020).


- Average selling price of all home types was up 21.7% year over year.


- Only 0.67 months of standing inventory.


Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.


Toronto Statistics - Year over Year Average price change

 

 

Yr/Yr Change

Monthly Change

Detached

22.4%

1.3%

Semi Det

23.4%

8.3%

Townhouse

20.9%

-4.8%

Condo Towns

19.9%

-4.3%

Condo Apartment

16.5%

0.9%

 

Mississauga Statistics – Year over Year Average Price change

 

 

Yr/Yr Change

Monthly Change

Detached

22.3%

3.5%

Semi Det

25.6%

6.2%

Townhouse

20.8%

3.8%

Condo Towns

30.4%

3.9%

Condo Apartment

21.4%

2.2%

 

Brampton Statistics - Year over Year Average Price change

 

 

Yr/Yr Change %

Monthly Change %

Detached

37.9%

5.4%

Semi Det

33.0%

4.4%

Townhouse

31.1%

3.2%

Condo Towns

33.2%

5.3%

Condo Apartment

18.9%

3.8%

 

Milton Statistics - Year over Year Average Price change

 

 

Yr/Yr Change

Monthly Change

Detached

36.8%

8.6%

Semi Det

32.9%

4.5%

Townhouse

34.3%

7.4%

Condo Towns

26.0%

-0.9%

Condo Apartment

24.9%

5.9%

 

Oakville Statistics - Year over Year Average Price change

 

 

Yr/Yr Change

Monthly Change

Detached

31.7%

7.3%

Semi Det

32.6%

-1.8%

Townhouse

48.2%

7.4%

Condo Towns

10.7%

-10.2%

Condo Apartment

8.2%

-8.0%

 

 

The sales volume for the GTA Market was up by 3.3% when compared to November 2020, but sales of condo apartments were up by 41.6%. Number of new listings and active listings were down 13.2% & 55.9% respectively.

 

Detached homes led the price gains last month, coming in at 30.3% year over year increase. Price growth for detached homes in the suburbs outpaced the price growth of detached homes in Toronto.

The inventory level was at 0.67 months at the end of November 2021, mainly due to a drop in the number of new listings coming to the market. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in a strong upward pressure on selling prices.

 

The average price of a home in the GTA for October 2021 was $1,163,323, which is up 20.2% ($195,438) since Jan 2021.

 

If you are a first time Buyer, this might be a good time to take advantage of historically low interest rates (fixed 5 year rate is around 2%) and buy your first home before the prices go up even higher.

If you need to sell, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings. The key in the present market is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.