“Anyone who thinks fallen leaves are dead has never watched them dancing on a windy day.”
Welcome to our Fall Newsletter!!
Hope you had a relaxing Thanksgiving weekend here in Canada. While the local weather feels more like the start of the Summer, the changing colours remind us of the beauty this season holds.
So we are little over a month into the Fall market and back in August, we anticipated a healthy but a much more "normal" pace this time of the year. So where do we stand? Well, the Average Sale Price went up 6.1% in September from August 2021 and up 18.3% from a year ago. New Listings on the other hand were down 34% from a year ago. There were only 9,100 active listings which is a staggering drop of over 49% from September 2020. So while we try to find different explanations to the rising home prices in this area, the fact of the matter is that demand continues to outpace supply.
The Top-Tier market in the GTA is also seeing continued growth. New data compiled by Sotheby’s International Realty Canada reveals that the Greater Toronto Area (GTA) is positioned to see continued price acceleration in an active fall market, even as the region’s acute shortage of conventional and luxury housing supply caps overall activity. An unexpectedly active summer resulted in residential real estate sales over $4 million rising 12% year-over year in July and August 2021, with six ultra-luxury properties sold over $10 million compared to four properties sold in this price range over the same months in 2020. Read the full report below encompassing key markets across the country.
Have a great rest of the month and we look forward to connecting with you and share our thoughts on the local, national, and international real estate trends.
Usman & Komal