September housing market numbers are in, and prices continue to rise as inventory continues to be low. Are you curious about real estate in Pickering, house prices in Toronto or Ajax house prices? The market continues to be hot across most markets in Ontario!
September marked the transition from the slower summer market to the busier fall market in the in the Greater Toronto Area. Every year, we generally see an increase in sales, average selling price and listings after Labour Day through to mid-December, and September 2021 was no different. Fall seasonality in the Toronto Real Estate market show Toronto home sales increased relative to August and were also at the third-highest mark on record for the month of September. The average selling price was up both month-over-month and year-over-year.
Single family homes: 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, in both the house and condo market, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture.
Condo Apartments: This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well. This has led to an acceleration in price growth over the past few months as first-time buyers reentered the ownership market.
Rentals: Multiple offers in rentals are back! Prime locations are seeing 2-4 offers! Read more about this here: Competition in the Toronto rental market
The MLS® Home Price Index Composite Benchmark was up by 19.1 per cent year-over-year in September 2021. The average selling price for all home types combined was up by 18.3 per cent year-over-year to $1,136,280. “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.
So, what is the minimum amount needed to buy a freehold home with no condo fees?
If you are looking in Toronto, Pickering or Ajax, the magic number is $800,000. For an $800,000 property you will need a minimum down payment of:
- 5% of the first $500,000 of the purchase price
- 10% for the portion of the purchase price above $500,000
So a minimum of $55,000 down payment is required to purchase an $800,000 home
As well, you will need to have closing costs saved, $2,000 for legal fees and Land Transfer Tax (about 2.5% of your purchase price in Toronto, 1.3% of the purchase price outside Toronto).
Links to other articles on the Toronto Real Estate Market Statistics:
Toronto Star: We are at a critical juncture
CTV: Toronto housing prices continue to climb as supply hits decade-low
Some of my recent sales:
