Toronto Real Estate Prices Made A Massive Monthly Drop, While 905 Gets A Boost

The Greater Toronto real estate market divide is becoming more clear as city prices drop. Toronto Regional Real Estate Board (TRREB) data shows real estate prices in October were flat from a month before. While suburban 905 prices climbed, the City saw prices inch lower. This trend was amplified in Condo apartments, where City units made the largest monthly drop in years.

Greater Toronto Real Estate Prices Flat From Month Before

Greater Toronto real estate prices are up from last year, but just that data point may be misleading. TRREB reported the price of a typical home hit $897,700 in October, up 10.79% from last year. In the City of Toronto, the benchmark hit $962,700, up 7.18% from last year. Taken in aggregate, this looks like the market is absolutely ripping higher. However, a breakdown shows the aggregate annual growth doesn’t capture the post-pandemic market.

Greater Toronto Benchmark Price

The price of a “typical” composite home across Greater Toronto.

Source: TRREB. Better Dwelling.

Both regions are seeing price growth deceleration, and on a monthly basis, things have stalled. Both the composite and City of Toronto saw the annual rate of growth fall, with the city slowing much faster. Across TRREB, the benchmark price for October is unchanged from a month before. In the City of Toronto, it made a monthly decline of $8,800, falling almost a full point. Breaking these segments down into detached and condos, we also see even more flags to perk your ears.

Greater Toronto Benchmark Price Change

The annual percent change of TRREB’s benchmark price for all home types.

Source: TRREB. Better Dwelling.

Detached Homes Are Soaring In The 905, But Large Drops Seen In The City

Let’s look at detached homes first. Across TRREB, detached home prices reached a benchmark of $1,073,200 in October, up 0.35% ($3,700) from the month before. TRREB detached prices are up 12.68% compared to the same month last year. This is astronomical growth. 

The City of Toronto detached prices aren’t experiencing the same clear trend. Detached prices in the City hit a benchmark of $1,267,200 in October, down 0.52% ($6,600) from the month before. Prices are still up 10.69% from last year – which is huge. However, the monthly drop is also very, very big. Whether it keeps moving higher is less clear with that detail.  

Greater Toronto Condo Prices Slipped Lower

Greater Toronto condo apartments are up from last year, but seeing fast price growth deceleration. TRREB reported a condo benchmark of $585,100 in October, falling 0.95% ($5,600) lower. Prices are now up 6.15% from the same month last year, with growth decelerating significantly. In the City of Toronto the condo benchmark fell to $611,100, down 1.32% ($8,100) from the month before. The annual rate of growth is now 4.55%, a very fast deceleration from double digits earlier this year. The monthly drop for the condo benchmark was the second largest drop in at least half a decade.  

On the surface, Greater Toronto real estate is on fire – it’s what’s dominating headlines. However, when broken down by region, we’re not at all seeing the same growth trend in the City. Drilling down further, some might even argue the growth trend is reversing in condos. Do prices rise or fall next month? Who knows. But keep in mind the monthly drop for October was monumental in some segments.

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  • Trader Jim 4 years ago

    Same agents telling people to buy condos on April because it’s fine, are now telling people they should have bought a detached house in the suburbs.

    Such goddam grifters, and the news never calls them on it.

    • David 4 years ago

      Buyers should be more careful before spending 600K

  • Alex 4 years ago

    Toronto home prices rise 13.7 per cent year-over-year

    • Jamie 4 years ago

      That’s average, a totally useless metric. If you sell 2 condos and 1 house, then 1 condo and two houses, you get a 30% average.

  • Pepp 4 years ago

    We need the government to punish real estate speculators. We need to tax foreign owners and people who own multiple properties in Toronto and Vancouver.

    Oh wait, the corrupt politicians are probably real estate speculators.

    • Sam 4 years ago

      The Real Estate Industry is the biggest driver of GDP. RE transactions creates jobs (Agents, Lawyers, Renovators, Home Inspectors, Home Builders etc)

      Lots of taxes collected in various ways for various levels of government through the transactions.

      I don’t think it’s direct corruption, but it is an unwillingness to dampen an industry that would, in effect, put Canada into a recession.

      Regulation should have been put into place in the 90’s, when interest rates fell to record lows (at the time) and instigated a culture of property investment and speculation.

      • Scott 4 years ago

        50% of GDP growth sine 2015 has been real estate price increases. 100 billion/yr. is money laundering which is 5% of GDP and coincidentally, agents’ fees. We truly are living in a house of cards…

  • question guy 4 years ago

    just here to post – the image on this story is the same one I have on my Toronto calendar… which, funny enough, is from a realtor. ha!

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