Toronto Home Prices Climb In October as Condos, Semi-Detached Houses Edge Higher
Toronto’s housing market showed more signs of stability in October as prices for condos and semi-detached homes jumped even as unit sales were little changed. The average selling price rose 1 per cent last month from September to a seasonally adjusted $810,881 (US$619,419), the first gain in three months. The benchmark price, which adjusts for the types of houses sold, rose 2.6 per cent from the same month last year.
Average condo prices rose 7.5 per cent in October from a year earlier and semi-detached homes rose 6.6 per cent
Toronto’s housing market showed more signs of stability in October as prices for condos and semi-detached homes jumped even as unit sales were little changed.
The average selling price rose 1 per cent last month from September to a seasonally adjusted $810,881 (US$619,419), the first gain in three months. The benchmark price, which adjusts for the types of houses sold, rose 2.6 per cent from the same month last year. Sales declined by a seasonally adjusted 1 per cent on the month to 6,920 and were down 3.3 per cent from a year earlier, the Toronto Real Estate Board reported Monday.
The housing market in Canada’s biggest city is recovering after a slowdown earlier this year sparked by tougher mortgage qualification rules that took effect on Jan. 1 and a rise in mortgage costs, board president Garry Bhaura said in the report. The recent sales declines are much smaller than at the start of the year as the rule changes made it tougher to borrow for a home.
There is some evidence that the market could tighten as a lack of supply remains a problem while demand is strong, the real estate group said. The number of new listings fell 2.7 per cent in October from a year ago. On the economic front, Ontario’s unemployment rate was 5.6 per cent last month, about a percentage point away from a record low.
“A strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019,” Bhaura said.
The report showed price gains are being led by condo apartments over detached homes. Average condo prices rose 7.5 per cent in October from a year earlier, while detached home prices increased just 1 per cent. Semi-detached homes rose 6.6 per cent. The average condo price of $562,523 is about half the price of a detached home, at $1.02 million.
Related
More from The Magazine
The Latest Trends In Luxury — And How They Impact Real Estate
How consumer trends in personal luxury goods open up new possibilities for luxury real estate. The personal luxury market is in a constant state of flux. From art to watches to wine, the luxury market responds to increasing consumer demands for accessibility, personalization and secure service. Here’s how today’s agents can respond to what consumers are looking for next.
Read
10 Advantages of Working with Sotheby’s International Realty Canada
Luxury is an experience, not a price point. We strive to uphold exceptional standards in every aspect of our services and take great pride in our national team of professional and specialized agents. Whether you’re planning on buying or selling a home, our commitment at Sotheby’s International Realty Canada remains the same: we deliver exemplary marketing and service to every client, regardless of a home’s neighbourhood or price range. f you’re considering buying or selling a home, here are at least 10 advantages of working with us.
Read
Tips for Selling Your Home from Our Agents Across Canada
When it comes to selling that all-important investment, your home, there are many factors to consider. In addition to freshening up the paint — a must before you list — here’s what savvy real-estate brokers across Canada recommend.
Read