Latest numbers from the Toronto Real Estate Board painted a picture of a market that is experiencing a steady climb in the value of residential properties, placing the city firmly on top as Canada’s most attractive purchase and investment destination.
The TREB reported that the composite benchmark price in its jurisdiction increased by 2.6% year-over-year last month. The average sale price also grew by 3.5% during the same time frame and by approximately 1% from September 2018, reaching $807,340.
The average price of a Toronto detached home stood at $1.31 million in October, while the price level was at $914,179 in the rest of the GTA.
As has been the case for most of the year, the condo segment stood tall as Toronto’s most desired asset class, with an 8.6% annual increase in average sales price to reach $603,153.
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The TREB data also showed that the city’s housing sales remains apparently undaunted by the price growth trend. The total number of transactions in October was 7,492 deals closed, representing a 6% increase compared to the same time last year.
Sales activity also bit into the region’s inventory, with the number of new active listings at 14,431 last month, down by 2.7% from last year.
“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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