Toronto Real Estate Reaches A “Critical Juncture”

Oct 5, 2021 By MarketDepth

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“September marked the transition from the slower summer market to the busier fall market in the  Greater Toronto Area,” according to the Toronto Regional Real Estate Board (TRREB). The number of active listings also shriveled by half in September, as just 9,191 homes were up for sale at the end of the month. 

“Housing was a key issue in last month’s federal election. Ontario provincial and municipal elections are on the horizon in 2022. Much of the heavy lifting required to bring more housing  online, from a policy perspective, happens at the provincial and local levels. These levels of government need to be on the same page. This should be an important topic for debate during the upcoming elections.”

John DiMichele, TRREB CEO

The average selling price of a home jumped 18.3% last month year-over-year to an all-time high of $1,136,280. Yet, home sales fell 18% year-over-year as the market tightened. Furthermore, new listings sank 34% compared to a year earlier.

“With new listings in September down by one third compared to last year, purchasing a home  for many is easier said than done. The lack of housing supply and choice has reached a critical  juncture.”

Kevin Crigger, TRREB President