Toronto-area home prices tick upward in September


The Toronto-area housing market continued to make modest year-over-year gains in September, with the average selling price across all housing types, from detached homes to condos, up 2.9 per cent to $796,786.

The number of resale home transactions rose 1.9 per cent compared to September 2017.

Toronto-region condo prices were up 10 per cent last month over the previous year.
Toronto-region condo prices were up 10 per cent last month over the previous year.  (Bernard Weil / Toronto Star file photo)

Seasonally adjusted sales prices showed a second month-over-month decline, with prices down 0.5 per cent in September compared to August — a $4,335 difference.

The average detached house price dropped 0.6 per cent year over year to about $1 million region-wide. The average of $1.34 million in the city of Toronto declined 1.4 per cent compared to September 2017.

In the surrounding 905 communities, detached houses sold for 0.6 per cent less than in the same month last year, according to the Toronto Real Estate Board (TREB).

Condo prices continued to rise, up 10 per cent in the Toronto region, including an 11.7 per cent gain in the average selling price inside Toronto’s city borders and a 6.4 per cent gain in the 905 areas.

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TREB president Garry Bhaura said it was encouraging to see “healthy” sales and price increases across the region. But he noted there are sub-markets within the region.

“It is important to remember that TREB’s market area is made up of over 500 communities,” he said in a press release.

“Market conditions have obviously unfolded differently across these communities.”

While the city of Toronto saw a composite rise of 6.74 per cent year over year, York Region continued to lag, with a 4.82 per cent year-over-year drop.

TREB’s release also noted that the market continues to tighten with about 500, or 3.1 per cent, fewer listings last month compared to September 2017. The city of Toronto had 69 fewer listings than September 2017 and there were 444 fewer in the 905 areas.

Tess Kalinowski is a Toronto-based reporter covering real estate. Follow her on Twitter: @tesskalinowski


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