September marked the transition from the slower summer market to the busier fall market in the Greater Toronto Area (GTA). Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September was no different. Sales increased relative to August, and in September, 9,046 sales were logged through MLS, making it the third-highest mark on record for the month of September. The 905 area of the GTA represented the majority of the sales, with 5,649 transactions.

The GTA suburbs are seeing prices rise much faster. For all home types, the average selling price was up 18.3% year-over-year to $1,136,280 in the GTA. The City of Toronto saw prices move in the same direction, but at a slower rate. The average sale price for the City of Toronto is $1,090,196 up 6.7% year-to-date. That would mean suburban price growth is significantly outpacing growth in the City of Toronto.

Detached property types within the 416 area are the priciest on the market, having grown 19.5 per cent annually in value to an average of $1,778,928.

On an annual basis, September sales were down 18 per cent from 2020’s record-breaking levels. This is mostly due to the lower quantities of new listings, which TRREB says have dropped 34 per cent year-over-year. Across the GTA, 13,483 new listings were added to the market last month, approximately 7,000 less from the 20,441 homes that came online during the same period last year. The majority of listings that became available in September were recorded in the 905 area, with 7,537 new properties. TRREB attributed a resurgence in the condo market as a factor behind the higher share of listings sold during September.

Jason Mercer, TRREB’s chief market analyst, pointed out that last month’s price growth was supported by the low-rise market segments, which includes detached, semi-detached and townhome properties.

“However, competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth over the past few months as first-time buyers re-entered the ownership market,” he said. “Look for this trend to continue.”