The Toronto Regional Real Estate Board (TRREB) has published the housing data for September. With 9,046 sales reported, this was the third-highest mark on record for the month.

Market conditions remain tight, despite a decrease in year-over-year sales of 18%. New listings were down 34% compared to last year, and with active listings standing at just 9,191, the market has just over a one month supply.

The average sale in September took place with only 14 days on market. As always, this varies by product and region. Durham Region continues to see high demand, with homes selling in only 7 days on market. In Oakville, semi-detached homes sold in 5 days at 11% above the list price, and in Toronto’s C11 district, which includes Leaside, single detached homes sold in only 5 days for 12% over the listing price.

A short sales cycle and limited supply are pushing prices up. The average sale in September was 6% above the asking price. Again, this varies by housing type and region. On average, detached homes sold for 6% over list, semi-detached homes sold for 11% over list, townhomes sold for 10% over list, and condo apartments sold for 2% above list. East of Toronto, Durham Region regularly saw sale prices of 12% over list, more than in any other TRREB community.

The average sales price for September was $1,136,280, an increase of 18.3% compared to last year. The MLS Home Price Index (HPI) Composite Benchmark, which reflects annual inflation, was up 19.1% (10.4% in Toronto). The biggest increase in value was found in single detached homes which were up 23.5% (14.3% in Toronto).

Looking at price by category, detached homes sold for an average of $1,526,465, a year-over-year increase of 28.9%. The average price for semi-detached homes was $1,114,696 (+20.8%), townhomes rose to $909,226 (+21.5%), and the average price of condos was $708,521 (+11.6%).

As we enter the final quarter of 2021, demand for home ownership remains very strong across the GTA. With new listings down 1/3 from the same time last year, supply continues to challenge many would-be buyers in this very strong “seller’s market.” If buying or selling real estate is one of your goals this fall, be sure to speak with a trusted and experienced sales professional who can help set you up for success.