According to the Toronto Regional Real Estate Board (TRREB), the average price of a home in Toronto is up 12.6 percent year-over-year to $1,070,911. Further, the price of detached homes experienced a stark increase of 25.6 percent between August of 2021 and August of 2021 to hit a new average of $1,365,937.
“While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down,” reads the TRREB’s latest report.
While detached homes continue to increase the fastest in value, the condo market has bounced back and is experiencing growth far above the current inflation rate — this is a significant shift from the condo prices falling every month last fall amid the ongoing COVID-19 pandemic.
“The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes,” said TRREB president Kevin Crigger in the report.
“The federal parties vying for office in the upcoming federal election have all made housing supply and affordability a focal point. Working with provincial and municipal levels of government on solving supply-related issues is much more important to affordability than interfering with consumer choice during the home buying and selling offer process or revisiting demand-side policies that will at best have a short-term impact on market conditions.”
The report indicates that overall housing prices across Toronto will continue to increase amid high demand and low supply levels.