Demand for Home Ownership Continues to Far Outnumber Supply
- There were 9,783 sales reported in October 2021 - strong but down by 6.9 per cent compared to the October 2020 record of 10,503
- TRREB reported the average sale price this October to be $1,155,345, up by 19.3 percent from October 2020
- Tightened market conditions are driving the annual rate of average price year-over-year on an upward trend
- This low supply and average price increase means demand is outnumbering supply
- Also means that there is confidence in economic recovery as more and more people move into the region to live and work
- “The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue. A key part of future economic development in the GTA will be the ability to provide adequate ownership and rental housing supply so that people can continue to move to the region to live, work and spend money in the local economy,” said TRREB Chief Market Analyst Jason Mercer
Want more details? Check out TRREB's Full Report
October 2021 vs. October 2020
October 2021 vs. September 2021
Click here to see Toronto Real Estate Board's Full Report
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