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Wednesday, February 21st, 2024

Toronto home prices still growing, with more gains to come

housesaleA lukewarm summer didn’t cool off Toronto’s red hot housing market which remains in sellers’ territory, according to the city’s realtors.

The average price of a home in the country’s largest market continued to rise, reaching $546,303 for the region — an 8.9% increase from a year ago. In the much sought-after detached home segment of the market, the average sale price reached $902,428 in the city of Toronto proper, a 14.7% increase from a year ago.

“The number of listings in August was down in comparison to last year while the number of sales increased. This means the sellers’ market conditions remained in place with a lot of competition between buyers, said Jason Mercer, director of market analysis with the Toronto Real Estate Board, in a release.

Mr. Mercer expects sales growth to continue to outpace listings growth which will lead to ongoing increases in year-over-year average sale prices.

For the first eight months of the year, sale prices across the GTA averaged $562,504, an 8.5% increase from a year ago.

New listings for August were 11,733, down from 12,103 a year earlier. Sales were up to 7,600 from 7,391 during the period.

Sales growth was experienced in all segment of the market and across the greater Toronto area. Condominiums experienced the weakest price growth but the average sale price in the GTA still climbed 4.4% from a year ago to $352,942.

Toronto’s stellar results come on top of data released from Vancouver and Calgary which show prices continue to rise in those cities, indicating national averages will likely climb when those numbers are released mid-month.

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