Toronto prices defy sales slide
December 12, 2018
The price of homes in the Greater Toronto Area (GTA) continued to increase in November—despite a downturn in sales compared to November 2017.
The average sale price rose 3.5 per cent year-over-year to $788,345, reports the Toronto Real Estate Board (TREB), while sales dropped 14.7 per cent in the same period. Sales were also 3.4 per cent lower than a month earlier.
TREB noted the number of new listings in November was also down 26.1 per cent to 10,534 units when compared with the same month last year.
"Relatively tight market conditions over the past few months have provided the foundation for renewed price growth," said TREB president Garry Bhaura.
Semi-detached homes saw the most price growth in the GTA compared with other property types, with prices climbing 8.3 per cent year-over-year.
Detached houses experienced only moderate price growth—up 1.3 per cent—compared with a year earlier. A house in Toronto sold for an average of $1.3 million in November. In the rest of the GTA, the average price for a detached house was $903,517.
Condominium average prices increased 7.5 per cent year over year with the average price for a Toronto condominium in November at $595,678. In the rest of the GTA, the average condo price was $454,288.