The average price of a Toronto property jumped beyond $1.1 million in October, following another month of strong sales.
According to the Toronto Regional Real Estate Board’s monthly Market Watch report, prices across all house types in Toronto increased by 3% to $1,122,463, up from $1,090,196 in September (TRREB).
Detached residences, with an average price of $1,784,979 in October, were unsurprisingly the most expensive. Semi-detached homes sold for $1,151,770 on average, while townhomes and condominiums sold for $957,103 and $703,698, respectively.
The GTA’s average home price increased by 19.3 percent year over year to $1,155,345 — a 19.3 percent rise. The highest average prices were seen in King ($1.8 million), Oakville ($1.5 million), and Caledon ($1.6 million).
Last month’s sales in the GTA were down 6.9% from October 2020, but they still set a new record for the second-highest month of sales in any October on record. However, when compared to last October, the amount of new listings on the market fell by more than a third, further tightening market conditions.
“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.”
“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.”