October 2021
The cooling fall weather definitely did not cool down a very heated real estate market
Home sales in the Greater Toronto Area 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.
October was a bustling month where we saw inventory of available homes for sale in GTA fall by over 55%.
With continued limited inventory and strong demand, pressure on prices continue to rise, pushing October prices up almost 20% over the same period last year.
The total number of sales fell again in October but only due to the sheer lack of availability, there is simply not enough homes for sale.
There are many reasons behind the continued strength in our real estate market; the rumours of interest rates rising, many buyers are anxious to purchase now to take advantage of what has been a low interest rate environment.
Another reason is with limited inventory many would-be sellers are not selling as they cannot find something to buy, holding back what would be some much needed inventory.
A strong double-digit increase in condominium apartment sales mitigated annual declines in low-rise home sales.
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.
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