Compared to last year, housing sales and housing prices across the Greater Toronto Area have risen thanks to strong condo sales and low-rise, high-density markets.
Last year, the average sale price on a GTA home was $780,400 which rose 3.5 per cent to $807,340 as of this October. The average selling price was also up one per cent from September.
The Multiple Listing Service (MLS) Home Price Index (HPI) also jumped compared to last year, showing gains of 2.6 per cent compared to October 2017.
Average prices for a detached, single-family home in Toronto proper was $1.31 million as of October 2018, while the rest of the GTA had average detached homes selling close to the million-dollar mark at $914,179.
Condominium sales across the GTA “climbed the most out of all property times year after year” according to the Toronto Real Estate Board, averaging $603153 this October a whopping 8.6 per cent higher than last year.
The Greater Toronto Area saw condo sales increase 5.9 per cent year over year, bringing the average sales price up to $461,013.
The Toronto Real Estate Board represents over 52,000 realtors who say “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 one market analyst.
Other realtors called the growth data “encouraging.” Recent cooling measures have been imposed on the real estate market, namely the new mortgage “stress test” along with the 15 per cent foreign buyers tax.
“What we’ve been seeing, especially for the City of Toronto, our population has kept the demand so strong that those factors haven’t had as much of a significant impact as they could’ve in other markets,” said another real estate expert.