According to the Toronto Real Estate Board, the condo segment remains the market’s most desired and valuable asset class, having enjoyed an 8.6% year-over-year increase in average sales price last month (reaching $603,153).
The TREB noted that this performance played a major role in pushing the composite benchmark price in the region up by 2.6% during the same time frame, while the average sale price grew by 3.5% to reach $807,340.
Meanwhile, Toronto detached homes had their average price at $1.31 million in October. This level was at $914,179 in the rest of the GTA, altogether making this asset class simply unattainable for a majority of would-be buyers.
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Sales activity did not slow down despite the increases, the TREB added. Total number of sales last month was 7,492, which was a 6% increase compared to last year.
The number of active for-sale listings felt the bite of the sustained demand, falling by 2.7% annually to 14,431 new listings injected into the market in October.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area,” TREB director of market analysis Jason Mercer told The Canadian Press.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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