Toronto

Toronto Detached Real Estate Sales Rise, But Still Below The 10 Year Trend

Toronto’s detached real estate market is performing better than last year, but that doesn’t say much. Toronto Real Estate Board (TREB) numbers show detached sales improved in October. The improvement isn’t as exciting when you realize sales are still below the 10 year trend. As for prices? They are basically retracing last year’s movements, give or take a couple points.

Greater Toronto Detached Prices Fall Less Than A Point

The price of a detached home fell across Greater Toronto, but increased in the city. TREB reported the price of a typical detached home reach $914,500 in October, down 0.73% from last year. In the City of Toronto it reached $1,109,300, up 1.94% from last year. The suburbs are falling, while growth in the city is still below inflation.

Toronto Detached Benchmark Price

The price of a typical detached home across the Toronto Real Estate Board, in Canadian dollars.

Source: TREB, Better Dwelling.

Both in the city and in the suburbs, price growth improved. Across TREB, the 0.73% decline is the smallest its been since January 2018. The City of Toronto printed its third positive gain, making it the highest growth we’ve seen since 2017. Worth mentioning that prices are making a textbook retrace of the previous price arc. The City of Toronto is slightly above, but not enough to say we’re in the clear.

Toronto Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Toronto Real Estate Board.

Source: TREB, Better Dwelling.

The median sale price of a detached home improved, due to an increase in luxury. TREB reported a median sale price of $850,000 in October, up 1.19% from last year. The City of Toronto reported a median sale price of $1,050,000, up 5% from last year. The increase is largely due to an increase in homes over $2 million, which is up 8% compared to the same month last year. Remember, medians aren’t helpful for determining how much prices will reach. Instead, use them as an indicator of dollar flow.

Toronto Detached Average Sale Price

The average sale price of a detached house in the Toronto Real Estate Board.

Source: TREB, Better Dwelling.

Greater Toronto Average Detached Sale Price Rises By 1%

The average sale price of a detached home saw mild improvement. TREB reported an average sale of $1,019,416 in October, up 1% from last year. The City of Toronto saw an average of $1,311,265, up 1.4% from last year. Both numbers did improve, but once again saw improvements below target inflation.

Toronto Detached Average Sale Price Change

The 12 month percent change of average sale price across across TREB.

Source: TREB, Better Dwelling.

Greater Toronto Detached Real Estate Sales Rise Over 7%

Toronto is seeing detached sales improve from last year. TREB reported 3,328 detached sales in October, up 7.1% from last year. The City of Toronto represented 882 of those sales, up 10.1% from last year. Those are huge improvements, but it’s worth remembering last year’s sales were historic lows. Detached sales are still 25% below the 2016 number, and 8.25% below the 10 year average. Sales are improving, but they’re still in line with major policy change or recession numbers.

Toronto Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

Source: TREB, Better Dwelling.

Greater Toronto Detached Inventory Is Up Over 4%

The number of new listings for detached homes is falling in the burbs, but higher in the city. TREB reported 7,606 new listings in October, down 3% from last year. The City of Toronto represented 1,857 of those new listings, up 5.63% from last year. Even though listings across TREB fell, both regions saw higher inventory.

The total number of active listings increased across Greater Toronto. TREB reported 11,473 active detached listings in October, up 4.26% from last year. The City of Toronto represented 2,293 of those listings, up 4.51% from last year. The increase in inventory is almost double what the market saw in 2016.

Toronto Active Detached Listings

The total number of detached listings available.

Source: TREB, Better Dwelling.

Toronto’s detached market has improved from last year, but not enough to declare a new uptrend. Sales are higher than last year, but they’re well below the 10 year average. As for prices, they’re either just over or under a complete retrace from last year, which isn’t all that encouraging.

Like this post? Like us on Facebook for the next one in your feed.

13 Comments

COMMENT POLICY:
We encourage you to have a civil discussion. Note that reads "civil," which means don't act like jerks to each other. Still unclear? No name-calling, racism, or hate speech. Seriously, you're adults – act like it.

Any comments that violates these simple rules, will be removed promptly – along with your full comment history. Oh yeah, you'll also lose further commenting privileges. So if your comments disappear, it's not because the illuminati is screening you because they hate the truth, it's because you violated our simple rules.

  • Reply
    Trevor 1 month ago

    Last year it was policy changes. What’s the excuse this year?

    • Reply
      KMoney 1 month ago

      It’s uh, it’s uh… always a good time to buy real estate. haha

  • Reply
    Yusef 1 month ago

    Is that all prices are falling by in the 905? Because new homes are dropping much more than that. Tons of discounts and builder incentives.

    • Reply
      KMoney 1 month ago

      Some of those new homes were never going to see the sticker they were asking.

  • Reply
    Mortgage Guy 1 month ago

    One observation missing from here is this is the worst October gains in the history of the benchmark. If you’re looking for sunshine, you can usually catch a glimpse. If you’re looking for reality, the grey skies are infront of you.

  • Reply
    Enough of this 1 month ago

    Congrats 416!!Amazon HQ2 is YOURS!!! World class city wins it.. Oh wait… oops

    • Reply
      Ian 1 month ago

      It’s OK. Apparently pricing in expectations of inflows sends prices higher, but they’ll never come down if they don’t happen. lol

    • Reply
      SUMSKILLZ 1 month ago

      Given the Google city pushback nonsense on the waterfront, its hardly surprising HQ2/HQ3 did not go in our favour. I see it as a big loss of opportunity for our youth and likely a brain drain to the USA for some of our brightest, though few will likely agree with me.

      • Reply
        vnm 1 month ago

        Toronto got suckered by Amazon, like dozens of other cities, to provide free market research and ideas. It was never going to come here with the
        infrastructure problems, housing fiasco, and the trade and tariff uncertainties. Fortunately one less corporate juggernaut for local young tech entrepreneurs to be crushed by.

  • Reply
    SCE 1 month ago

    This comments section gets awfully quiet when BD prints a positive article. Where all my bears at???

    Tick Tock. BD4L

    • Reply
      someguy 1 month ago

      Right here.

      Your arguments would apply equally to every single bubble that ever existed in the history of humankind.

      Nortel bull in June 2000: “Where all you bears at? Losers! Keep parkin’ it in that GIC man, while I get the gout from too much filet mignon.”

Leave a Reply

Your email address will not be published. Required fields are marked *