With November here, I am looking forward to 2022 where I hope life will become a little less stressful for us all, including the Real Estate Market! It has been a difficult year for Buyers and stressful for Sellers. I thought I would do away with all the speculation and just get down to the facts.
October Market Activity
- Number of sales in October, 9783, were 7% below last year
- The ratio of sales-to-listings jumped up to 126.2% in October– putting us into a VERY busy seller’s market. The GTA average Days-on-Market was 13.
- The October average sale price came in at another record of $1,155,345, rising to 19.3% over a year ago and 35.6% above the October average in 2019
- Detached home sales, with a purchase price over $2,000,000, were up 49% (665 houses) while condo apartments sales over $2M were up 45% (29 suites) compared to a year ago
- The CONDO townhouse/highrise share of the market was 37.8% during the month and condo sales were the highest ever for the month of October
- Downtown condo active listing numbers were dramatically lower… by 63% in C01 and by 52% in C08 from last year
- October year-over-year downtown condo sales were up in C01 (+34.7% & 2nd highest since 2000) and C08 (+42.4% & highest ever) compared to 2020, specifically monthly average sale prices showing 7.8% to 11.4% increases year-over-year
- The downtown condo days-on-market average decreased slightly to 16-18 days
- The sales-to-listings ratio for condos downtown came in at 67.6% for C01 & 42.4% in C08 leaving the districts in a busy seller market
- October continued the trend we’ve had all year of low listing inventory and high buyer demand and continued the recovery for condo sales and for overall GTA sales number over previous years.
- October saw detached homes in the 905 appreciate year-over-year by an average 29.7% and 905 condominium average sale prices rose by 17%
We're expecting the busy fall market to continue into 2022. I know many buyers, even though prices continue to climb, are hoping for a slower (read less competitve offers) December/January market to help them with their purchase. We'll see what happens.
If you'd like more specific information for your home & neighbourhood, please don't hesitate to give me a call.
