Toronto Real Estate Board Releases Mid-October

According to the latest Toronto MLS Listings stats from the Toronto Real Estate Board, home sales in Toronto were up by 21 percent during the first two weeks of October 2021 compared to the same time last year, with a total of 3,460 sales. Sales in the first half of October were also up 13 per cent compared to the average sales amounts for the last 10 years.

Toronto Real Estate Board Stats for Mid-October, 2021. Click for full size.

“With October mid-month sales well-above the 10-year average, it seems clear that we have more than recovered from the temporary dip in residential transactions that resulted from the onset of stricter mortgage lending guidelines,” said the president of the Toronto Real Estate Board, Dianne Usher, in a press release.

“It is also important to note that the supply of ground-oriented listings remains constrained, due in part to the additional land transfer tax and stricter lending guidelines,” she continued. “If this were not the case, the number of sales could have been greater because more households would have been able to find a home to purchase.”

The average selling price rose 7.3 per cent to $536,301 during the first 14 days of October compared to the same time last year.

The senior manager of market analysis for the Toronto Real Estate Board, said that, “Buildings price growth has been stronger in the second half of 2021, as sales growth has outstripped growth in listings. There have been more buyers competing for available properties compared to the first half of the year, which has led to increased upward pressure on average selling prices.”

How Are Toronto MLS Sales And Toronto Home Prices Faring In September So Far?

The Toronto Real Estate Board has just released its statistics for home sales in the first two weeks of September 2021.Toronto-Real-Estate-Board-Toronto-MLS-Listings-Sept-2021

Home sales were up by 29 per cent over the same time period in 2021 to a total of 3,158 transactions, touching all home types including condominium apartments with very strong sales in the City of Toronto.

Home prices themselves were up to $514,560, which is an increase of four per cent over the same time period in September last year.

According to Toronto Real Estate Board President,, “The strong growth in sales that we have seen over the past two-and-a-half months indicates that GTA households are approaching home ownership with a renewed sense of confidence. Prospective home buyers have taken a hard look at their household balance sheets over the past year and have found that, despite stricter lending guidelines, there are affordable property types from which to choose.”

According to the Senior Manager of Market Analysis for the Toronto Real Estate Board, “With months of inventory remaining low from a historic perspective and evidence of tighter market conditions during the summer, the only argument that makes sense is for continued home price growth in the Greater Toronto Area for the remainder of 2021.”