Steven  Maislin

Steven Maislin

Broker, Certified Specialist IRES, ABR, SRS, SRES, RENE

RE/MAX Realtron Realty Inc., Brokerage*

Mobile:
416-410-6000
Office:
416-222-2600
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October 2021 Dear Friend,

October 2021

 

Dear Friend,

 

September marked the transition from the slower summer market to the busier fall market in the Greater Toronto Area. Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different. September’s 9,046 sales increased relative to August and were also the third most active month on record for September. The average selling price for the month was $1,136,280, which brought up the average sale price to $1,079 381, and an overall increase of 16.1% from the start of the year.

With only 9,191 homes for sale on the Toronto Real Estate Board, prices will increase as demand puts pressure on the limited supply.

September Year over Year Percent Change              Price Change

House Type

416 Area Code

905 Area Code

Detached

19.5%

31.4%

Semi-Detached

13.9%

25.2%

Townhouse

7.2%

26.0%

Condo Apt

8.5%

18.0%

Despite the lack of available properties for sale, there are still great opportunities to buy a home or an investment property.

As the above chart indicates, condo apartment prices have lagged behind other property types because Covid kept international students and visitors who would utilize AirBnB out of Canada. This created a temporary oversupply, and that kept price increases to a moderate level. However, that is slowly changing as Toronto returns to normalcy. As a result, I believe we will see the condominium market rebounding faster due to supply and demand. 

Buying an investment property is not a question of greed. It’s a question of preparing for the future to have a source of income in your golden years. So if you’d like to explore this concept a little bit further, please give me a call, and if you know of somebody who’s thinking of buying or selling, I would appreciate the referral. I’m never too busy to look after you and the people you care about.

Have a great October

 

Your Friend in Real Estate. 
Steven
416-410-6000

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