Toronto home sales are on the rise, helped by the condo and higher-density low-rise markets,
Toronto detached home price averages $1.31 million
Housing sales across the Greater Toronto Area rose last month, compared with a year ago, as prices also climbed, helped by strong sales in the condo and higher-density lowrise markets. The Toronto Real Estate Board says there were 7,492 sales in October 2018, up 6 per cent versus a year ago. On a preliminary seasonally adjusted basis, sales were down 1 per cent compared with September 2018.
Meanwhile, the average sale price was $807,340 in October, up 3.5 per cent from $780,400 year over year. Adjusted seasonally, the average selling price last month was up 1 per cent compared with September. The MLS HPI composite benchmark price jumped by 2.6 per cent compared with October 2017.
The average price for a detached home in Toronto was $1.31 million in October. In the rest of the GTA, the average detached home price was $914,179.
Condominium prices across the Greater Toronto Area climbed the most out of all property types year over year, according to TREB.
The average price of a condominium in Toronto last month was $603,153, up 8.6 per cent compared with a year earlier. In the rest of the GTA, the average condo price was $461,013, up 5.9 per cent year over year. For all of the GTA, condo prices rose 7.5 per cent in October from a year ago.
The board, which represents more than 52,000 realtors, says sales and price growth came as the number of new listings fell compared with a year ago.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area,” said Jason Mercer, the board’s di- rector of market analysis.
Realtor Tom Storey called the data “encouraging,” especially amid some recently introduced measures aimed at cooling down the market including a new mortgage stress test.