Following a summer slowdown in home sales, activity started to pick up again in the country’s largest cities as the typically busier fall homebuying season kicked off in September.
“Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different,” the Toronto Regional Real Estate Board (TRREB) said in its September report.
“Compared to last year, market conditions tightened noticeably, with sales representing a substantially higher share of listings, and a significantly lower number of new listings across the board,” it added. “Resurgence in the condo market was a factor in the higher share of listings sold.”
Historically low housing supply continues to be a key factor in all markets that continues to apply upward pressure to prices.
Here’s a look at September readings from some of the country’s key real estate boards:
Greater Toronto Area
Sales: 9,046
- -18% Year-over-year (YoY)
- +5.2% Month-over-month (MoM)
Average Price: $1,136,280
- +18.3% (YoY)
- +6% (MoM)
New Listings: 13,483
- -34% (YoY)
- +27% (MoM)
“Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property,” said TRREB President Kevin Crigger. “With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture.”
Source: Toronto Regional Real Estate Board (TRREB)
Greater Vancouver Area
Sales: 3,149
- -13.6% YoY
- -0.1% MoM
Despite the decline from last year’s record figures, sales were still 20.8% above the 10-year average for September.
MLS Home Price Index for all property types: $1,186,100
- +13.8% YoY
- +0.8% MoM
New Listings: 5,171
- -19.2% YoY
- +28.2% MoM
- New listings were 1.2% below the 10-year average for September.
“The summer trend of above-average home sales and historically typical new listings activity continued in Metro Vancouver last month,” said Keith Stewart, REBGV economist. “Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring.”
Source: Real Estate Board of Greater Vancouver (REBGV)
Montreal Census Metropolitan Area
Sales: 3,671
- -28% YoY
- +8.9% MoM
Average Price (single-family detached): $504,500
- +17% YoY
- +0.9% MoM
Average Price (condo): $365,000
- +15% YoY
- -2.7% MoM
New Listings: 5,818
- -20% YoY
- +30% MoM
“The slowdown in residential sales to a pre-pandemic level continued in September,”said Charles Brant, director of the QPAREB’s Market Analysis Department. “A return to more normal economic activity resulting from the easing of health restrictions is not the only factor that explains this situation: in addition to high prices, the lack of properties for sale is still the main cause.”
Source: Quebec Professional Association of Real Estate Brokers (QPAREB)
Ottawa
Sales: 1,607
- -31% YoY
- +2.2% MoM
Average Price (single-family detached): $702,155
- +13% YoY
- +4% MoM
New Listings: 2,252
- -22% YoY
- +10.6% MoM
“While inventory has improved slightly from the pre-pandemic years (2017-2019), it is still the principal cause for concern with just over one month’s supply in the housing stock at this time,” said OREB President Debra Wright. “With the election behind us, we hope the government will now concentrate on addressing supply issues and developing first-time homebuyer assistance touted in their reelection platform.”
Source: Ottawa Real Estate Board (OREB)
Calgary
Sales: 2,159
- +26.5% YoY
Average Price: $476,190
- +1.8% YoY
New Listings: 2,907
- +6.3% YoY
“The market continues to favour the seller, but conditions are not as tight as they were earlier this year,” said CREB chief economist Ann-Marie Lurie.
Source: Calgary Real Estate Board (CREB)
Published by Steve Huebl