Toronto

Toronto Detached Real Estate Sees More Sales, Higher Prices

Greater Toronto’s detached real estate market is seeing a few indicators improve. Toronto Real Estate Board (TREB) data shows detached sales made a double digit surge in August. The rise in sales was accompanied by higher prices, and less inventory than last year. Most of the action is now being driven by the 905, with the City of Toronto moving at a much slower pace.

Greater Toronto Detached Real Estate Prices Rise 3%

Detached real estate prices across Greater Toronto are higher from last year. TREB reported the typical detached home price hit $943,000 in August, up 3.07% from last year. In the City of Toronto, the typical detached fell to $943,000, up 2.95% from last year. While higher than last year, both numbers did show decline from the previous month.

Toronto Detached Benchmark Price

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

Source: TREB, Better Dwelling.

The growth rate improved from last year, but it may not be exactly what it looks like. Both TREB’s 3.07% and the City’s 2.95% are higher than the month before. However, the rise is due largely to the fact that prices didn’t make as large of a seasonal decline. Prices across TREB are still down 10% from the peak reached in May 2017.

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 for a detached home in the region is on the rise. TREB reported the median sale price reached $850,400 in August, up 1.63% from last year. In the City of Toronto, the median sale price hit $967,000, up 4.20% from last year. This metric didn’t even keep up with inflation, meaning a negative real movement.

Toronto Detached Average Sale Price

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

Source: TREB, Better Dwelling.

The average sale price of detached homes across Greater Toronto didn’t move a whole lot over the past year. TREB reported an average sale price of $978,920 in August, up 0.17% from last year. The City of Toronto reached $1,246,392, up 0.17% from last year. Averages aren’t adjusted for size or quality, so they’re much more volatile. This number is best used to understand dollar flow.

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 20%

Greater Toronto detached real estate sales made a very large climb last month. TREB reported 3,618 sales in August, up 20.55% from last year. The City of Toronto represented 669 of those sales, up 8.07% from last year. Sales for the month were actually 2.78% higher than the 10-year median. Growth in the 905 is massively outpacing that of the City, although 8% is far from slow growth. One note to keep in mind is the year started slow, so much of the demand is being squeezed a little later than usual.

Toronto Detached August Sales

The total number of Greater Toronto detached sales made in the month of August.

Source: TREB, Better Dwelling.

Detached Inventory Falls In The Suburbs, Rises In The City

New listings for detached real estate on the MLS make a small in Greater Toronto. TREB reported 6,216 new listings in August, up 0.79% from last year. The City of Toronto represents 1,138 of those listings, up 6.25% from last year. These numbers tell us new listings in the suburbs are growing at smaller pace than they are in the city.

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.

A rise in new listings wasn’t enough to add to total detached inventory, which fell. TREB reported 9,915 detached active listings in August, down 6.13% from last year. The City of Toronto represents 1,788 of those listings, up 3.05% from last year. This is similar to the new listing metric, in regards to inventory in the City rising faster than the 905.

Toronto Active Detached Listings

The total number of detached listings available.

Source: TREB, Better Dwelling.

The detached market is improving with rising prices, more sales, and tighter inventory. However, these metrics are being largely driven by improvements in the suburbs.

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16 Comments

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  • Reply
    Marc 2 months ago

    I think Toronto detached prices are about fine, I just wouldn’t expect much growth. 905 prices, are going to get slaughtered if the economy makes a downturn though. This is similar to the Los Angeles/Orange County situation IMO. Los Angeles dipped, and recovered in 5 years. Orange County is almost recovered 10 years later.

  • Reply
    SCE 2 months ago

    Womp womp…..

    Who didn’t see this happening? Oh yeah, almost everyone on this board except me.

    Love to hear how the bears will explain this month’s numbers.

    BD4L

    • Reply
      Bluetheimpala 2 months ago

      You’re back! Took you awhile but prices are printing higher highs and we’ve crossed peak with all the forward momentum of a class 8 truck (some of you will get this joke, lol).

      You and your ilk come here to gloat like we’re trading pennies and this is stockhouse…I’ve never understood why.

      This is a social issue and the asset bubble is being normalized that will result in a)debt slavery b)massive equity-loss/asset-depreciation for multiple generations. Zero interest rates are destroying pensions and savings are non-existent so for many in Canada, housing is their only salvation.

      We’re not back to peak and we’re printing lower lows. So WHOMP WHOMP what’s your point? That we haven’t cratered? Slow fucking clap….way to go, We have a weiner!

      And don’t get it twisted…I’m not a bear in the truest sense as I own a house and don’t have a hedge in anyway. Buuutt… I have zero debt, sit on cash and where I live is expanding leaps and bounds based on the companies and people who have to flee southern ontario for lower costs. Funny how that worked out for Bluebizzle ;0)

      BD4L

  • Reply
    Labi 2 months ago

    10% down from peak. Now to wait for the idiots to go “Last chance, you missed it. Bears, hardy, har, har.”

  • Reply
    Daniel 2 months ago

    Negative rates are coming, and it’s going to drive prices higher believe it or not.

  • Reply
    TellTheTruth 2 months ago

    You lost my interest when you say figures come from TREB. The syndicate! Just saying.

  • Reply
    TellTheTruth 2 months ago

    They would be way more accurate Agent 99!

  • Reply
    Kevin N 2 months ago

    Technically on a chart, price is range bound after it’s peak in 2017 & it’s looking like a head & shoulders which usually results in a further drop in prices. We could just be seeing some stickiness in price right now because of people trying to take advantage of the latest gov’t 1st time buyer’s pump. And anyone thinking interest rates dropping again is a good sign from an economic perspective better think again. It means stagflation is developing. Mortgage debt levels are already through the roof, lower interest rates won’t necessarily pump prices much higher if at all. Just look at the Japanese econ. If this holds on for a much longer period of time, we might be seeing support in this zone but next year we may just be seeing a recession given the Trump pump is running out of steam by then. I wouldn’t be calling a bottom just yet.

  • Reply
    Zenity 2 months ago

    There will be no change unless people start to protest. Skinny kids in HongKong have the balls to riot due to high prices. You don’t have the balls? no it’s not about “democracy”, just google HongKong housing price and wages and you will understand why. It’s just the mainstream media trying to avoid the same thing happening here so they spin it this way.

    It’s election year someone organize something to protest these prices.

  • Reply
    SH 2 months ago

    As long as the Liberals continue to import excessively high numbers of immigrants for the purpose of adding more Liberals to the voter rolls, this will never end. Might as well buy now if you live in the GTA, but then again do you really want to live next to a money launderer? Since the way things are going they’ll be the only ones left in the city once all the Canadians have fled.

    • Reply
      True Canadian 2 months ago

      They are all Canadians fool. these immigrants have transferred money to dumb F Canadians who have done nothing but own a home. what is always overlooked is that a tremendous number of long time canadian home owners have made a fortune for doing nothing but living/owning in GTA or Vancouver. I think we should review Canadians that have lived here for over 50 years and if they don’t own a home they should be stripped of citizenship and deported. They are losers. I would rather take a hard working immigrant than a long term Canadian who was provided everything and has done nothing. Back to England you all go. Tick tock losers.

      • Reply
        SH 2 months ago

        You seem to be stuck in 1970. Today’s young Canadians weren’t provided anything, let alone “everything”. The Baby Boomers got everything, the Millennials got nothing (as for Gen-Xers, they were lucky to be first-time home buyers at the bottom of the market in the 1990s). And today’s “investor” (i.e. money-laundering) class arrivals are not the hardworking, humble, eager-to-assimilate immigrants of previous eras. Moreover, with Toronto now 50%+ foreign, it seems Canadians are indeed leaving the city.

  • Reply
    questionguy 2 months ago

    classic bull trap. look at Vancouver sales, as Toronto follows 6-9 months later.

    if people think an increase that barely paces inflation is a win, they’re mistaken… and this is without a recession!

    down she goes!

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