By: Julia Szemplinski

GTA REAL ESTATE MARKET UPDATE - NOVEMBER 2021

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

 

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

- 9,783 sales reported through Toronto Real Estate Board’s MLS (down 6.9% from October 2020).


- Average selling price of all home types was up 19.3% year over year.


- Only 0.79 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

21.4%

0.3%

Semi Det

14.6%

1.4%

Townhouse

25.7%

17.0%

Condo Towns

23.2%

6.2%

Condo Apartment

10.7%

-0.7%

 

Mississauga Statistics – Year over Year Average Price change

 

 

Yr/Yr Change

Monthly Change

Detached

25.7%

-2.3%

Semi Det

23.3%

1.4%

Townhouse

23.6%

-1.1%

Condo Towns

22.5%

3.0%

Condo Apartment

12.6%

2.4%

 

Brampton Statistics - Year over Year Average Price change

 

 

Yr/Yr Change %

Monthly Change %

Detached

30.7%

-0.7%

Semi Det

28.7%

5.2%

Townhouse

28.1%

3.3%

Condo Towns

25.8%

6.2%

Condo Apartment

14.0%

-0.1%

 

 

Milton Statistics - Year over Year Average Price change

 

 

Yr/Yr Change

Monthly Change

Detached

26.0%

1.6%

Semi Det

35.2%

-0.4%

Townhouse

25.3%

1.1%

Condo Towns

34.5%

7.8%

Condo Apartment

-17.5%

-13.4%

 

Oakville Statistics - Year over Year Average Price change

 

 

Yr/Yr Change

Monthly Change

Detached

21.9%

2.8%

Semi Det

47.8%

11.0%

Townhouse

25.8%

2.1%

Condo Towns

37.8%

3.7%

Condo Apartment

21.1%

0.8%

 

 

The sales volume for the GTA Market was down by 6.9% when compared to October 2020, but sales of condo apartments were up by 28.9%. Number of new listings and active listings were down 34.1% & 55.2% respectively.

 

Townhomes led the price gains last month, coming in at 27.9% year over year increase. Price growth for townhomes in the suburbs outpaced the price growth of townhomes in Toronto.

The inventory level was at 0.79 months at the end of October 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 $1,155,345, which is up 19.4% ($187,460) since January 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.