The average sales price for September was $1,136,280, an increase of 18.3% compared to last year. The MLS Home Price Index (HPI) Composite Benchmark, which reflects annual inflation, was up 19.1% (10.4% in Toronto). The biggest increase in value was found in single detached homes which were up 23.5% (14.3% in Toronto).
Looking at price by category, detached homes sold for an average of $1,526,465, a year-over-year increase of 28.9%. The average price for semi-detached homes was $1,114,696 (+20.8%), townhomes rose to $909,226 (+21.5%), and the average price of condos was $708,521 (+11.6%).
As we enter the final quarter of 2021, demand for home ownership remains very strong across the GTA. With new listings down a third from the same time last year, supply continues to challenge many would-be buyers in this very strong “seller’s market.” If buying or selling real estate is one of your goals this fall, be sure to speak with a trusted and experienced sales professional who can help set you up for success.