Greater Toronto’s suburban real estate market is in high demand, as people flee for more space and work from home. Toronto Regional Real Estate Board (TRREB) data shows prices were soaring across the board in November. However, a breakdown shows condo apartments made a sharp monthly move lower. All price gains in the index are being driven by detached homes.
Greater Toronto Real Estate Prices Pushed Higher By The Suburbs
The price of a typical home is rising very quickly, but those gains are far from being spread evenly. TRREB reported the price of a typical home reached $902,500 in November, up 10.56% from the same month last year. In the City, the price reached $958,200, up 5.95% from last year. This means suburban homes are rising much faster, with most of the gains concentrated in detached homes.
Greater Toronto Benchmark Price
The price of a “typical” composite home across Greater Toronto.Source: TRREB. Better Dwelling.
Looking at detached homes, gains are strong across the board. TRREB reported the detached benchmark reached $1,084,700 in November, up 13.27% from the same month last year. In the City of Toronto it reached $1,269,000, up 10.09% from last year. The City is seeing prices grow quickly, but not nearly as fast as the suburbs. Since it’s lower than the board index, it’s actually holding the index back. The rate of detached price growth has generally seen acceleration over the past year.
Greater Toronto Benchmark Price Change
The annual percent change of TRREB’s benchmark price for all home types.Source: TRREB. Better Dwelling.
Condo apartments aren’t seeing the same amount of lift as detached units though. TRREB reported a condo apartment benchmark of $579,500 in November, up 4.07% from the same month last year. In the City that number is $604,100, up just 2.55% from the same time last year. Since the peak reached in May, prices are now down $21,800 across the region. Over the past year, the rate of growth for condo apartment prices has been plummeting very quickly.
Toronto Real Estate Sales Begin Seeing Pent-Up Demand Catch Up
Greater Toronto real estate sales are up significantly due to the comparison period. There were 8,766 home sales in November, up 24.3% from the same month last year. The City of Toronto represented 3,032 of those sales, up 11.55% from last year. According to TRREB, there were 9,209 sales when seasonally adjusted, down 2.1% from the month before. Higher sales are due to the shifted comparison period, but pent-up demand is catching up.
Greater Toronto Sales To New Listings
The number newly listed units per month, in contrast to sales.Source: TRREB, Better Dwelling.
Greater Toronto is seeing more of the same trend we’ve been seeing for the past few months. Suburban detached homes are soaring in price as people flee to the suburbs. Condo prices are slowing in growth, having shaved off tens of thousands over the past few months, as people lose interest in small lockdown cells.
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