Condo sales are declining in Toronto while active listings were up 173 per cent
After a full month of fall, Toronto home prices are still climbing.
According to the Toronto Regional Real Estate Board‘s October market report, the average selling house price in the Greater Toronto Area (GTA) hit $968,318.
That is yet another record-high in Toronto’s real estate market, which has been climbing to unprecedented levels since June and exacerbating the city’s affordability crisis.
The average selling price for a house in the city climbed up to $1,025,925. Semi-detached Toronto homes averaged $1,154,087. And detached Toronto homes are 11.2 per cent higher than this time last year, averaging $1,470,857.
House prices are up across the GTA. Buyers searching for a reasonably priced semi-detached home will need to take a trip out to Orangeville, where the average is $537,582.
Condo sale prices in the GTA averaged $622,122 in October, showing only 0.7 per cent growth very little growth year-over-year. Those averages are close to the Toronto figures, with the price growing 0.8 per cent to $668,161.
Condo selling prices in the 905 rose 6.8 per cent year-over-year, averaging $541,582.
October condo sales in Toronto dropped 8.7 per cent year-over-year, from 1575 to 1,438. The decline is noteworthy for the Toronto real estate market considering that active listings are up by a whopping 173 per cent. That’s close to three times the number of condos sitting on the market while sales are declining. Condo rental listings have also been on the rise since summer.
With 2260 transactions, condo apartment sales were up a slight 1.8 per cent across the GTA in October. Active listings were up 155 per cent to 7651.
The Toronto real estate market decline that the CMHC predicted in spring is still being kept at bay. Analysts forecasted that the COVID-19 impact on employment, the economy and immigration would drag home prices down.
And while the condo market is showing signs of an impending decline, low-rise Toronto home prices continue to rise as if they’re immune.