Home prices continue to rise in Toronto as supply levels dwindle amidst rising demand, bringing the average selling price of a home in the city to a whopping $913,096.
New figures released by the Toronto Real Estate Board (TREB) on Thursday show that the annual rate of price growth across the GTA just reached its highest point this year so far at 5.8 per cent in September of 2019.
Sales are up as well, year over year, by 22 per cent — though analysts are cautious to note that, at 7,825 sales, last month's number still remains well-below the the record peak of more than 9,800 sales in September of 2016.
"Demand for ownership housing increased throughout the spring and summer of 2019 compared to the very slow pace of sales experienced in 2018," said TREB President Michael Collins in the board's most recent monthly market watch report.
"That being said, many first-time buyers are still experiencing difficulty finding an affordable home."
"Federal parties vying for seats in the October election have pledged to alleviate affordability issues hampering first-time buyers with a variety of policy proposals," Collins continues. "While these demand-side proposals are important, it is also important that all levels of government remain focused on promoting a sustainable supply of different housing types moving forward."
TREB Prez Michael Collins announced that Greater Toronto Area REALTORS® reported 7,825 sales through TREB’s MLS® System in September 2019. This result represented strong year-over-year sales growth of 22 % compared to 6,414 sales reported in Sept 2018https://t.co/RDB9QXfZcg pic.twitter.com/rOPaHuVqz3
— TREB (@TREBhome) October 3, 2019
To wit, condos are still far more affordable and available than detached houses, both in Toronto and across the Greater Toronto Area.
Despite this, many first-time home buyers remain set on securing detached houses for their families.
"It is interesting to note that market conditions for detached homes have tightened over the past year," said TREB Chief Market Analyst Jason Mercer in Thursday's report. "In many of the regions surrounding the City of Toronto, detached price growth was above the rate of inflation on an annual basis."
"Consumer polling conducted for TREB over the past few years has pointed out that many intending home buyers are still focused on ground-oriented housing," Mercer continued. "This points to the need for a greater diversity of housing types to bridge the gap between detached houses and condominium apartments."
The average selling price of a detached house in the City of Toronto was $1,360,623 last month, according to TREB, or $946,256 in the GTA.
Condos, on the other hand, went for an average of $636,817 in Toronto, while the average price in areas outside the city itself was $497,403.
Across all home types, the average selling price in the City of Toronto for September of 2019 was $913,096 — up from $864,839 at the same point last year.
by Lauren O'Neil via blogTO
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