by Nutan Brown
on Monday, November 8th, 2021 at 8:06am.
The fall weather isn’t cooling down the Toronto real estate housing market, as prices climbed back up to record-breaking highs in October.
It was the second-best October on record, with prices continuing to soar as buyers chase the decreasing housing inventory.
According to a new report from TRREB, the average selling price for a detached home last month was more expensive than ever at $1,784,979. Almost 9,800 homes were sold, just shy of the record of 10,503 set October 2020.
Price relief is unlikely for potential homebuyers, though many are still benefiting from lower interest rates that were introduced to ease the impacts of the pandemic on the economy.
“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply,” said Kevin Crigger, president of the Toronto Regional Real Estate Board.
Meanwhile, the condo market continues to gain steam, with affordability being the driving factor. October saw a 60.6% increase in sales compared to the same time last year, with the average price of a condo increasing by 6.3% to $675,645.
With the holidays just around the corner, we can expect the market to slow down a bit. This could be a good time for buyers to take advantage.
Contact me if you are thinking of entering the market before the end of this year