Toronto’s detached housing market has been hit hard by the city’s ongoing real estate woes.
According to Better Dwelling, “Toronto’s detached market saw softer growth, plummeting sales, and soaring inventory.” However, detached home prices still remain steady.
Using statistics from the Toronto Real Estate Board, Better Dwelling reported that detached benchmark price across TREB was $1,027,200, a 24.18% increase from June 2016.
In Toronto proper, prices reached $1,205,400, which is a 19.8% increase from June 2016.
Despite the steady prices, detached home sales in Toronto are dropping quickly.
“June saw 3,450 detached sales across TREB, a 27.47 % decrease from the month before. This also represented a massive 45% decrease when looked at year-over-year,” stated Better Dwelling.
While sales have slowed, detached inventory has been dramatically increasing.
There were 10,263 new detached listings in June 2017 and the month finished with 11,245 active detached listings, a 199% increase from June 2016.
“Detached homes represented roughly 3 out of every 5 homes for sale across TREB,” said Better Dwelling. “An increase in listings, coupled with a decrease in sales normally leads to lower prices.”