10/06/2021
With everyone settling into the Fall and back into the GTA from summer holidays the residential real estate market continues at a pace not seen in years as inventory levels are at all time lows. The Greater Toronto Area needs more homes, of all types, to sell. Available homes for sale are down almost 50% from this same time last year. WIth demand remaining strong, prices have increased up just over 18% when comparing September 2021 over September 2020.
Sub-markets like Bramton and Durham Region are seeing inventory levels down over 60% and 40% respectively, leaving the months of inventory at approximately just two weeks. If no further listings were taken in those areas they would be sold out of homes in just forteen days.
The condominium market is busy with the number of sales up over 12% and prices up over 11% when comparing September 2021 over September 2020. Condominiums continue to thrive due to condos being a more affordable option to enter the market.
The new construction market also continues to thrive as developers are coming up with new and innovative ways to make condominium living more family and lifestyle friendly. Developers are providing playrooms for children, study and meeting rooms for students and those who work from home, state of the art gyms and other amenities that are making condo life more attractive than ever.
