Last month’s numbers are finally out, so let’s jump right in. The Toronto Real Estate Board reported 8,552 sales for the month of October.
There were slightly more properties available for sale in October, but that increase was only 3.4 per cent over last year’s inventory. We know this slight climb is not enough to offset the supply/demand imbalance we’ve been witnessing.
The average sales price for October was $587,505 – up 8.9 per cent compared to the average of $539,286 reported last year. This year over year price appreciation comes largely from gains seen in single detached homes, semi-detached and town-homes.
Bear in mind folks, this average represents the entire Greater Toronto Area and all property types combined. When we speak about the City of Toronto though, a very different picture emerges.
As of today, the average selling price for a single detached home in Toronto sits at $951,746. Yes, indeed, we are heatedly in the throes of a sellers’ market, and have been for quite some time.
The resulting effect? Many would-be house buyers have faced tremendous difficulties finding a property due to the continued limited supply of listings.
Multiple offers in the range $50,000-$75,000 above the asking price has become the norm. Let me reiterate, we are referring mainly to houses here. The condo market has seen more gradual, and in my opinion, more sustainable gains.
|Yr./Yr. % Change||7.8%||10.8%||9.9%||8.7%||10.6%||9.6%|
|Yr./Yr. % Change||14.7%||3.1%||7.7%||5.4%||8.3%||8.0%|
|Yr./Yr. % Change||361||951||1,312||520,705||414,797||443,938|
|Yr./Yr. % Change||1,455||578||2,033||390,430||308,919||367,256|
|Yr./Yr. % Change||8.2%||3.6%||6.8%||1.5%||4.6%||2.5%|