The fall weather isn’t cooling the Toronto real estate housing market at all, as prices climbed back up to record-breaking highs in October.
According to the Toronto Regional Real Estate Board (TRREB), the average selling price for a detached home in October was more expensive than ever at $1,784,979.
Bear in mind, as of this writing, there are only six detached homes listed on MLS for below that price south of the 401, including a three-bedroom Scarborough bungalow.
The average selling price for a semi-detached home was $1,322,229, slightly below the May 2021 record at $1,326,153. Townhomes in the Toronto real estate market were higher than ever too, averaging $1,025,257.
Pretty much all kinds of low-rise real estate (detached, semis, townhomes) in Toronto and the 905 reached record-breaking levels, while a double-digit increase in condo sales, which dipped in cost ever so slightly, helped mitigate the price levels. proving to be the only semi-affordable option in the Toronto real estate market, averaging $739,647. Proving to be the only semi-affordable option in the Toronto real estate market, condos averaged $739,647. That will get you a one-bedroom plus den in CityPlace.
The average selling price for all home types in the Greater Toronto Area (GTA) was $1,155,345, which is a 19.3 per cent year-over-year.
“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, in a statement addressing the record-breaking prices. TRREB noted that last month’s 9,783 real estate transactions in the GTA were down 6.9 per cent from October 2020’s record.
The rental market isn’t looking much more hopeful as prices are rebounding from the pandemic-induced dip and people are easing back into city living.
The average one-bedroom condo rental was up 2.4 per cent year over year in Q3 2021 to $2,060 per month. Two bedrooms were up four per cent to $2,773 per month.