Another month, another record-breaking housing price increase in the GTA. Well, well what else is new? Price is high and supply is low for all property types. However, I would say the competition is especially fierce right now for the Townhouse and semi-detached sector. The average price for semi-detached and townhomes catapulted to a record high of $1.15M in November. It makes sense since a lot of buyers, priced out of the detached market but also seeking more space than what a condo offers, are specifically flocking to this particular segment.

If we look at the indicators below, the Months of Inventory has dropped to a new low of 0.35 as of November 2021. (FYI: the same indicator for detached and condo markets sitting at 0.7 and 0.9 respectively) For reference, anything less than 4 months is considered a seller’s market, and we’re currently sitting at a mere 0.35.

The Sold to Listing Price ratio is also at a historic high of 1.15, which means homes are sold at 15% over the asking price.

The last time the market was this tight for townhomes was in March 2017 before the foreign buyer tax was introduced, and even then the indicators did not point to a situation that was this competitive for prospective homebuyers.