Average Toronto home price closing back in on $1.1 million
After dropping slightly earlier this year, the average Toronto home price is climbing back up, closing in on $1.1 million.
Sales were up all across the GTA in September, according to the Toronto Real Estate Board’s most recent Market Watch report, with prices rising right alongside them. In Toronto, the average price across all home types, including condos, townhomes, semi-detached, and detached homes, rose to $1,090,196, marking a nearly $20,000 increase from August’s $1,070,911.
September is typically a busy month for real estate sales after a slow down in the summer, but with the number of listings falling in September, market conditions tightened even further.
“Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property,” said TRREB President Kevin Crigger.
“With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture. Bandaid policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution.”
Interestingly, the average Toronto home price actually fell below the GTA-wide average of $1,136,280. Cities like Oakville with an average price of $1.49 million and King with an average of $2,175,000 were partially responsible for pulling it up.
Although condo prices typically tend to lower the average price, particularly in Toronto where condos are plentiful, competition in this market has picked up heavily and “has led to an acceleration in price growth over the past few months as first-time buyers reentered the ownership market,” according to TRREB Chief Market Analyst Jason Mercer.
“Look for this trend to continue,” Mercer says.
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