Despite the calls for an impending housing market crash, it appears that Canada’s real estate is still booming higher than ever, as the country’s largest housing market once again posted record-highs in October.
According to the Toronto Regional Real Estate Board (TRREB), total sales in the Greater Toronto Area (GTA) skyrocketed by 25.1% in October compared to the same period last year, as 10,563 transactions were recorded in total. Likewise, the average selling price of properties in the GTA rose by 13.7% from the year prior, reaching $968,318.
However, it was the detached properties segment of the GTA real estate market that really pushed the overall average sky-high, sales surged by 33.9% with a total of 5,263 transactions. As such, average prices for detached homes in the GTA climbed by almost 15%, settling at $1.205 million.
However, the surge in sales in the GTA during the month of October did not spill over into the condo market. the TRREB real estate data found that condo sales dropped by 8.5% on a year-over-year basis, while prices rose by only a mere 0.8% to $668,161. This likely mirrors the situation that has been unfolding in other parts of Canadian and US cities, which have seen a sudden exodus of people fleeing heavily-congested and high-infection risk areas in search of more spacious and safer suburban and rural living.
Information for this briefing was found via TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.