The average GTA home price has grown rapidly over the past year, smashing several historical records, and it looks like there’s no end in sight for 2021.
In a new report, real estate agency Zoocasa projects that the average GTA home price will likely hit $1,114,387 by October, which would mark an almost 5% growth from July’s average of $1,062,256.
The report, however, gives a possible range of average home prices that we could see. On the higher end, an average of $1,127,879 is possible. And if GTA sales fall short and land on the lower end of the projected range, they are expected to hit $1,100,647.
The number of sales, interestingly, is projected to drop by 1.38% from July’s numbers, with just 9,260 homes expected to change hands in October.
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Although GTA sales and price growth have been booming over the past year, there’s been a slowdown since the market peaked in April. And the top issue that’s plagued the market all throughout the pandemic continues to rear its head: a lack of inventory.
“The very reason that the sales have decreased is the cause of competition in the market for my buyers,” said Zoocasa agent Mina Chand. “Today’s low sales are due to low inventory and not lack of demand.”
“However, not every house listed is getting the same traction. Now that prices are back to cyclical increments, and interest rates remain at an all-time low, buyers are taking their time to choose the right property. Listings that are high in demand due to their location, school rating, and accessibility are low in supply and, therefore, have more competition.”