The September 2021 Toronto Real Estate numbers are in! At Toronto Realty Boutique, each month we examine the numbers and not only report them but do a deep dive into what they really mean.
If you stick with just reading the news headlines, you’ll never get a full picture of what is really happening in the market. That’s why we break down each segment and look at how the numbers compare to the previous year. We also look at how the numbers are trending month-by-month to give you an exact sense of what’s happening in Toronto Real Estate. Let’s jump in!
September 2021 Real Estate Numbers: Toronto Condo Market
As I mentioned last month, the Toronto condo market is both healthy and stable. This continued to be true during the September sales month.
The uneventful condo numbers should give buyers and sellers a feeling of comfort. With this stability and no signs of any volatile movement, it’s once again a very safe place to put your investment dollars if you’re looking to get into condo investing, and it’s a reliable place to live if you’re looking for a steady increase year over year and even month over month.
The average price of a Toronto condo for the month of September was $855,055.00, which was a slight increase over the August numbers.
The number of transactions also increased – from 1018 in August to 1050 in September.
One thing to note in the September condo numbers is the number of days on the market decreased from 20 days to 17 days. At first, this may not seem like a lot, but if this keeps trending the way it currently is, buyers will be purchasing faster and in turn, inventory supply will slow down – less inventory means rising prices.
Our advice: if you’re thinking about buying a condo, now is the time. Get out there and look while there is still plenty to choose from. We think supply is going to start to slow, driving prices up.
With offices beginning to plan for return to in-office work, the condo market is set to make a jump sooner than we think.
If you’re thinking about selling your condo, inquire about the availability of amenities currently – is the gym open? Common spaces looking good? You’ll want to be sure you can offer as much as possible and many buyers are looking for accessibility to everything that is offered at this time.
September 2021 Real Estate Numbers: Detached Toronto Homes
In my last round-up of the August numbers, we predicted that detached homes will continue to soar and indeed they did. WOW. This segment of the market shows no signs of slowing down whatsoever.
Those that were taking August off to enjoy the last of the dog days of summer – be it traveling now that we are finally able to, or simply enjoying downtime at the cottage – they all came back into September with a giant bang.
From August to September, we saw the number of transactions jump from a solid number of 184 to 304 – in just one month!
Not only are transactions on the rise, but the average price month-over-month went up over $100,000 from August to September and showed a 15% increase year-over-year.
The only number we always want to see trend downwards is the days on the market number, and that went from 24 to 18. This means buyers came back in a very strong way during the month of September, just as we predicted.
The majority of this segment who are buying, are making the decision to stay in the city for the long haul. Many are growing families who are selling their semi-detached homes and moving into larger, detached models in the top neighbourhoods. When we look at Semi-Detached homes next, you’ll see the correlation here – a strong semi-market means a strong detached market as buyers are moving up to larger properties.
Our advice: if you’re thinking about purchasing a detached home, do it now. This segment of the market will not slow down and with the number of transactions on the rise, you may be looking at limited inventory down the road which we know, results in pricing going up even further.
If you’re thinking about selling your detached home, the market is obviously hot. Will that last into the winter months? We may see a slight slowdown, but we predict the numbers in October will show continued growth with the number of transactions. Best to think about listing now while the buyer pool is still large and ready to pounce.
September 2021 Real Estate Numbers: Semi-Detached Homes in Toronto
The numbers in September show that once again, the semi-detached/row homes market is another very stable area of Toronto Real Estate. It has strong growth and there are a number of factors that contribute to this during the September sales period.
The number of transactions in this market segment more than doubled, proving the seasonality of real estate once again. In August we saw 152 transactions, and September showed 229 transactions.
We saw stability in pricing which is great for this segment of the market – no crazy jumps like the detached segment.
We did see another big drop in the number of days on the market – going from 19 in August to 11 in September. Buyers are back across the board.
With the detached market continuing to grow at such a rapid pace, the semi-detached market will continue to remain a stable place to purchase. There is a huge segment of the buying population that simply can no longer afford a detached home. This makes the semi-market a good one to keep your eye on.
Our advice: if you’re looking to move out from a condo, you should consider a semi-detached home as your next step. Some of the beautifully renovated semis are so well done, and some we’ve seen are actually bigger than a detached. Don’t get caught up with the detached market and get frustrated. Get yourself into a beautiful semi and watch your investment grow.
Also, don’t be afraid of one that needs some work – putting your own sweat equity into a home reaps the biggest rewards. Don’t forget that.
If you’re looking to sell your semi for perhaps a bigger one, or even one in a different neighbourhood, now is a great time to sell. Similar to the detached market, there is seasonality to consider so make sure you have the right strategy in place.
The Fall Market – What’s to Come
If you haven’t had the chance to read our 2021 Fall Real Estate Predictions, we encourage you to check it out. We’ve got some great insights in there that we’re already seeing come to fruition in the market.
If you’re thinking about buying and want to know more about specific neighbourhoods and what the numbers really look like, reach out to us. We study the numbers weekly to know exactly what’s going on for our clients who are looking to buy.
Listing in the fall season should be a wonderful time to sell, but only if you have the right listing strategy in place. It’s more than great photos that sell a home in today’s market. You need to know the numbers and what’s happening among your competition and your comparable homes – there is a BIG difference.
Contact Toronto Realty Boutique if you’re interested in learning how our roots in finance can get you exactly what you’re looking for in the Toronto Real Estate market. Simply fill out our form and we’ll be in touch right away.