Lack Of Supply Continues To Dog The Real Estate Market

Lack Of Supply Continues To Dog The Real Estate Market

The Toronto Regional Real Estate Board says the market kicked off the fall selling season with an 18 per cent increase in homes sold in September and a 34 per cent drop in new listings. The Ontario board says 11,033 homes changed hands in the region last month, up from 9,046 last September. The uptick in sales is typical when autumn arrives, but the board says this year’s spike was the third-highest on record for September. Average prices also increased by 18.3 per cent to more than $1.1 million in September from $960,613 a year earlier. The board says new listings for the month amounted to 13,483, down from 20,441 last September. Active listings also experienced a steep fall as they dropped almost 50 per cent to 9,191 from 18,167 in September 2020.

The Canadian Press

Photo Credit: Jennifer Palozzi – Century 21 Miller Real Estate

 

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