'We will weather the storm': Condo developer on long term outlook for the market
Home prices in Canada's largest housing market climbed to yet another all-time high last month as red-hot activity in the detached property market offset a condo market that turned south.
The average selling price for all homes across the Greater Toronto Area climbed to $968,318 in October, representing a 13.7 per cent increase from a year earlier and marking a fifth consecutive month of record-breaking prices.
Total sales jumped 25.1 per cent year-over-year in October as 10,563 properties traded hands in the GTA, according to data released by the Toronto Regional Real Estate Board (TRREB) Wednesday.
And it was the highest-priced segment of the market that saw the most heat, as sales of detached properties surged 33.9 per cent amid 5,263 transactions. That helped lift the average price for a detached home in the Greater Toronto Area nearly 15 per cent to $1.205 million.
Meanwhile, Toronto's once thriving condo market was anything but in October as sales in the city fell 8.5 per cent year-over-year and the average price inched up 0.8 per cent to $668,161.
"Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighborhoods. In contrast, condo buyers have benefitted from much more choice compared to last year," said TRREB President Lisa Patel in a release