Toronto housing prices on the up amid tightening supply

Demand continues to outpace a dwindling supply of listings

TORONTO’S home prices extended gains in November, and are now accelerating at the fastest annual pace since 2017 as demand continues to outpace a dwindling supply of listings.

Benchmark prices on homes sold in Canada’s biggest city rose 0.6 per cent in November from October, bringing the increase from a year earlier to 6.8 per cent, the Toronto Real Estate Board (TREB) said in a report on Wednesday.

The number of transactions also rose, with sales up 14 per cent from November 2018.
Toronto’s housing market began bouncing back in recent months – driven by a combination of lower mortgage rates and rising population – after almost two years of adjustment to higher taxes and tighter regulations to tame soaring valuations.

While transactions still remain well below records in 2016, when the market was being driven by speculative demand, prices have fully recouped their declines and realtors are cautioning that values could continue rising, given the dearth of listings and supply.

Active listings fell 27 per cent in November from a year earlier, said TREB.

Jason Mercer, the board’s chief market analyst, said in the statement: “Increased competition between buyers has resulted in an acceleration in price growth.

“We expect the rate of price growth to increase further if we see no relief on the listings-supply front.”

Condos have been recording the biggest increases over the past year, with benchmark prices for such homes up 9.5 per cent from a year ago, versus 5.1 per cent gains for single-family detached residences.

The average price of a detached home sold in Toronto last month was C$1.04 million (S$1.07 million), versus C$617,658 for condominiums.

The average price of a home in Toronto and its suburbs rose 7.1 per cent from a year earlier to C$843,637 in November.

That’s still below the peak of nearly C$921,000 set in April 2017, as activity over the past couple of years has shifted to the less-pricey condo segment of the market. BLOOMBERG
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Has Your Toronto House Prices Increased In The Last Five Years?

According to an analysis Zoocasa did on detached and semi-detached housing prices in Toronto, the average house prices have doubled in two neighbourhoods, while 16 out of 35 neighbourhoods’ prices have increased by at least 50% or more in over five years.

 

If you already own a home or condominium in Toronto, it continues to be a great investment.

A new survey found that homes in two neighbourhoods and in eight condos have increased by more than 100 per cent in five years.

The survey by real estate website Zoocasa used data from the Toronto Real Estate Board to check how much how much prices have gone up between July 2014 and July 2019. Toronto house prices in 2014 were on average just over $821,198, and now the average price is $1,167,968. That’s an increase of 42 per cent.

As detached and semi-detached homes become out of reach for many home buyers, the condo market continues to be a hot spot for Toronto real estate. Condo prices five years ago were on average were $379,002.

The average across the city this year is $627,927, an increase of 66 per cent.

Penelope Graham, Zoocasa’s Managing Editor, says the fact that many people can’t afford a detached home in Toronto is driving the increase in condo sales.

“Five years ago, if you had a budget of $700,000, you were a house buyer, but now we have more competition in the condo segment,” Graham said.

With real estate, it’s all about location. House prices more than doubled in the neighbourhoods of Forest Hill, Oakwood Village, Regent Park, St. James Town and Corktown. Condo prices increased in eight zones across the city, including West Hill, Centennial Scarborough, Scarborough Village, Guildwood and Malvern Rouge.

The rising prices may be frustrating first time home buyers, but Zoocasa says there are still deals to be found.

“These are averages, so there will always be some higher than the average and lower than the average” said Graham.

Condos in Toronto’s downtown core and those close to public transit were the most sought after with prices between $500,000 and $700,000.

https://toronto.ctvnews.ca/some-toronto-homes-and-condos-double-in-price-in-5-years-1.4561632

 

How Much Has Your Home’s Value Increased In The Last Five Years? Call Your Sutton Neighbourhood Realtor For A Free Home Evaluation At 416-896-3333!

Toronto Condo Market Statistics 2017-2018

The Toronto Real Estate Board has released condominium apartment sales statistics from the GTA. As it turns out, Realtors have reported 5,191 sales through TREB’s MLS system in the fourth quarter of 2018, a result which showed sales were down 9.9 per cent compared to 2017.

Condo listings entered into the MLS system were also down by 11.2 per cent from 8,186 in 2017 to 7,272 in 2018!

Pricing for condominium apartments have increased by 8.3 per cent from $516,086 in 2017 to $558,728 in 2018. Each year the growth in price gets slightly higher, accounting for 72 per cent of transactions, resulting in an average price of $598,664.

Condo apartment sales by price range in GTAhttp://www.condominiumtoronto.ca

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Sutton Group Realty Systems Inc., Brokerage

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-Sutton Realty Office Staff