Average Toronto home price soars past $1.1 million

After another month of robust sales, the average price of a Toronto home soared past $1.1 million in the month of October.

Prices across all home types in Toronto jumped to a new average of $1,122,463, up 3% from September’s $1,090,196 average, according to the latest Market Watch report from the Toronto Regional Real Estate Board (TRREB).

It comes as no surprise that detached houses had the highest average price, coming in at $1,784,979 for October. Semi-detached sales averaged out at $1,151,770, while townhouses and condos came in at $957,103 and $703,698 respectively.

TRREB

Rising prices were seen all across the GTA, with the GTA-wide average home price jumping to $1,155,345 — a 19.3% year-over-year increase. Prices were highest in King with a $1.8 million average, Oakville with a $1.5 million average and Caledon with a $1.6 million average.

“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,” said TRREB Chief Market Analyst Jason Mercer. “A key part of future economic development in the GTA will be the ability to provide adequate 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.”

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The number of sales in the GTA last month was down 6.9% compared to October 2020, but still set a record for the second-highest month of sales for any October on record. The number of new listings coming on the market compared to last October, however, dropped much more significantly, going down by more than a third, tightening market conditions even further.

“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply,” said TRREB President Kevin Crigger. “Demand isn’t going away. And that’s why all three levels of government need to focus on supply.”