Home sales in the Greater Toronto Area (GTA) reached the second-highest level on record for the month of October. However, the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately one-third compared to October 2020. Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment. “The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply. The federal government has stated that collaboration with provinces and municipalities is required. This collaboration could be spearheaded, at least in part, with housing related incentives tied to federal infrastructure investment,” said TRREB President Kevin Crigger. GTA REALTORS® reported 9,783 sales through TRREB’s MLS® System in October 2021 – down by 6.9 percent compared to the October 2020 record of 10,503. A strong double-digit increase in condominium apartment sales miti gated annual declines in lowrise home sales. The number of new listings entered into the system was down by almost a third over the same period, with consistent declines across all major home types. The MLS® Home Price Index Composite Benchmark was up by 36.21 percent year-over-year for single family detached homes in Durham. “The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue. A key part of future economic development in the GTA will be the ability to provide ade quate ownership and rental housing supply so that people can continue to move to the region to live, work and spend money in the local economy,” said TRREB Chief Market Analyst Jason Mercer. “Provincial and municipal candidates in the 2022 Ontar io elections need to put housing at the forefront of their campaign platforms. Both the ownership and rental markets have recovered from the relatively short-term effects of the pandemic, but competition for ownership and rental proper ties is once again tight. Ontarians need to be clear on what would-be policymakers will do to alleviate supply shortages and related affordability challenges,” said TRREB CEO John DiMichele."