Toronto home values have grown more than two-fold since the recession – TREB

Toronto’s housing prices have increased over two-fold since the previous decade’s recession, despite September sales remaining sluggish and home prices falling for the 4th straight month (especially in the detached-home segment).

According to data released by the Toronto Real Estate Board earlier this week, 6,379 homes were sold last month, declining by 35% from September 2016.

However, “consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong,” Board president Tim Syrianos said in a statement, as quoted by Bloomberg.

Benchmark prices fell 0.6% from August, bringing declines since May to 8%, according to the Board’s data. Despite this, home values were still up 12% from a year earlier.

The September drop was the smallest since the slump began. New listings were up 9.4% from a year earlier to 16,469, leaving the sales-to-new listings ratio at 39%, a level economists consider to be between a balanced and a buyers’ market.

The correction is primarily in Toronto’s detached market, where average prices exceeded $1 million. Single family detached homes are down 0.6% in September and 11% since May. Condominium prices have fallen just 1.5% from their peak, and were little changed in September.

The average price for all property types rose 2.6% from a year earlier to $775,546. That’s up 6% from the August average of $732,292.


Related stories:

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?