TORONTO, ONTARIO, November 3, 2021 – 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.
“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between
demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply. The
federal government has stated that collaboration with provinces and municipalities is required. This collaboration could be
spearheaded, at least in part, with housing-related incentives tied to federal infrastructure investment,” said TRREB
President Kevin Crigger.
GTA REALTORS® reported 9,783 sales through TRREB’s MLS® System in October 2021 – down by 6.9 per cent
compared to the October 2020 record of 10,503. A strong double-digit increase in condominium apartment sales mitigated
annual declines in low-rise home sales. The number of new listings entered into the system was down by almost a third
over the same period, with consistent declines across all major home types.
The MLS® Home Price Index Composite Benchmark was up by 24.2 per cent year-over-year. The average selling price for
all homes combined rose by 19.3 per cent year-over-year to $1,155,345. The low-rise market continued to drive price
growth in October, but the annual price growth for condominium apartments was in the double digits as well.
“The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of
economic recovery in the region and household confidence that this recovery will continue. A key part of future economic
development in the GTA will be the ability to provide adequate ownership and rental housing supply so that people can
continue to move to the region to live, work and spend money in the local economy,” said TRREB Chief Market Analyst
Jason Mercer.