We are seeing signs of a busier fall market compared to the slow summer. September 2021 was in line with the usual seasonal trends for the most part however, the low inventory remains consistent.
Given the continuous lack of listings, compared to August, sales and the average selling price did see a boost. Despite the low inventory, the average selling prices have continued to increase with a year-over-year increase of 18.3%. “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.
Throughout the fall overall demand has remained at an all-time high with a surplus of buyers who would buy homes tomorrow if they were able to find properties that suited their needs. As new listings are down significantly compared to last year this time, purchasing a home has become a bit of a mission for those seeking to relocate.
“The lack of housing supply and choice has reached a critical juncture. Band-aide policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution,” says Kevin Crigger, TRREB President.
As we approach the winter season, it is the perfect time to start planning your real estate journey for the new year. Whether you are looking to buy or sell, the team at the Dan Cooper Group is here to make it an easy, stress-free process. Contact us today to chat about your real estate goals!