In spite of a year-over-year drop in the number of sales, September 2021 recorded the third-highest mark on record. Typically, the fall market activity increases (sales and average price) compared to summer months, and this year is no different. Compared to last year, sales dropped 16.46% in the Greater Toronto Area. Prices, however, continued their climb — up 18.65% to $1.15 million.
With the busy real estate market we’ve seen this past summer, it comes as no surprise that sales were not as high as September 2020. Many buyers who usually enter the market in the fall have likely bought during the summer period which is why sales were steady throughout June to August.
The busy sales activity throughout this year has resulted in a continuing decrease in homes available for sale on the market, and a decrease in the number of new listings coming into the market. New listings dropped by 34.33% when comparing September 2021 to September 2020.
If you’re buying in this market — be prepared for intense competition as multiple offers continue and scarce inventory drives buyers to act quickly to secure their property. If you’re selling — you may be seeing one of the highest prices for your property in a very long time.