a record $1.14 million, amounting to an 18.3 per cent increase from a year earlier. Meanwhile, there were just 9,191 homes up for sale by the end of the month, following a decline in the number of active listings by half and the number of new listings by 34 per cent year-over-year.
Therefore, it came as no surprise that home sales in the region in September plunged by 18 per cent and experts are warning that the crisis has now reached “a critical juncture”.
“Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done,” the president of TRREB, Kevin Crigger, said in a release.
The situation has been no better in Montreal, where home sales fell by 28 per cent in September, in comparison to a year earlier. The Quebec Professional Association of Real Estate Brokers revealed that a total of 3,671 homes were sold last month, a noteworthy decline from 5,120 during the same time in 2020. As in the case of Toronto, this may be a result of the rise in prices and decline in supply, since the number of listings dropped by 22.4 per cent to 5,818 and the median prices of a single-family homes reached $504,500. In the case of condominiums and plexes, the average prices rose to $365,000 and $690,000, respectively.
In Metro Vancouver, another populous region, the situation was not so grim, as home sales in the most of September reached more than 20 per cent above the 10-year average, according to the Real Estate Board of Greater Vancouver. Nevertheless, new listings remained 1.2 per cent below the 10-year average for the month and therefore, the benchmark price for all residential properties rose by 13.8 per cent to just under $1.2 million in the area.
