Saturday, May 31, 2025

Latest

Toronto Home Prices Soar to New Record as Buyer Competition Heats up

Home prices across the Greater Toronto Area were sent skyrocketing once again, as lack of supply created competition among potential homebuyers.

According to data published by the Toronto Regional Real Estate Board (TRREB) on Wednesday, a total of 9,783 properties traded hands in October, marking an 8% increase from the month before, but a 6.9% drop from October 2020, as a tighter inventory was unable to keep up with demand.

The number of new listings slumped 13% month-over-month, and compared to October of last year, inventory was down 34%. Market conditions remained tight across all home types last month, with prices sustaining significant double-digit growth, once again. “The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply.” said TRREB president Kevin Crigger.

Indeed, the average selling price of a home in the GTA was up 19.3% from October 2020 to $1,155,345— a new record-high. The majority of the price increase was led by the low-rise segment of the market, with the condo market also reporting double-digit price gains. “The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue,” added TRREB chief market analyst Jason Mercer.

However, with the Bank of Canada expected to pull back its monetary support and hike interest rates as early as 2022, real estate activity may finally cool from its historically-elevated levels.


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.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Canadian Housing Starts Trend Lower in June

Housing starts across Canada cooled slightly in June, but still remained elevated as real estate...

Sunday, July 18, 2021, 03:21:00 PM

US Corporate Landlords Prepare to Cash in on Rent Bonanza Amid Surging Housing Demand

Renting a home in the US is about to get a lot more expensive. The...

Thursday, August 5, 2021, 12:19:00 PM

Liberal Government Finally Unveils New Canada Emergency Rent Subsidy After Previous Program Failed to Gain Traction

Canadian businesses that have been facing significant difficulties in meeting their debt obligations have finally...

Tuesday, November 24, 2020, 02:41:00 PM

Canada’s Housing Starts Show a Steady Increasing Pace in June

As restrictions are gradually lifted Canadians return to work following the height of the coronavirus...

Friday, July 10, 2020, 01:35:00 PM

US Mortgage Demand Drops 8.1% In A Week: “Biggest Decline In Almost A Year”

It seems rising mortgage rates are starting to take a toll on demand. Mortgage applications...

Wednesday, February 9, 2022, 11:22:00 AM