Home sales in the Greater Toronto Area (GTA) reached the second-highest level on record for the month of October. However, the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately one-third compared to October 2020. Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.
Learn more about the COVID-19 measures I use to support my clients with their real estate transactions.
When thinking about the future and planning out your move, you’ll probably wonder what step to take first. Should you sell your current place first before looking for a new home, or make the dream purchase first and worry about selling later?
September marked the transition from the slower summer market to the busier fall market in the Greater Toronto Area (GTA). Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different. Sales increased relative to August and were also at the third-highest mark on record for the month of September. The average selling price was up both month-over-month and year-over-year.
TRREB is reporting the third-best sales result on record for the month of August. While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices.
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The main federal political parties have released their housing plans. The affordability challenges we see today are fundamentally rooted in the fact that housing supply has not kept up with population growth. Real estate associations continue to push all parties to focus on a sustainable supply of diverse home types that meet the needs and expectations of GTA residents.
Below is a full summary of the various housing and real estate related campaign commitments released so far.
Interested in knowing how housing prices compare globally? Home prices in many U.S. metro areas are comparatively inexpensive compared to prices in the central areas of global cities. The National Association of Realtors just released their 2021 Profile of International Transactions in U.S Residential Real Estate. In light of the pandemic and border closures, Canadians still managed to purchase $4.2 billion USD of residential real estate between April 2020 through March 2021 in the U.S.
With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.
Finding a listing agent to sell your home can be a daunting task. Real estate agents have a lot of flexibility in the types of services they provide. It is important to retain an agent that can look out for your interests but also ensure that your transaction goes smoothly. Although I typically work with buyers and investors, I’d like to share the following 12 insider tips on what sellers should look for when selecting a listing agent to sell their homes.