Toronto Home Prices Soar to Record in September as Supply Plunged

Home prices across the Greater Toronto Area soared to a new record in September, as a lack of supply threatens to derail housing affordability.

According to the Toronto Regional Real Estate Board (TRREB), the average selling price of a home in Toronto jumped 18.3% year-over-year to a new record of $1,136,280 in September. The majority of the price growth was concentrated across the detached and townhouse segments, as competition among buyers continues to remain elevated.

There were a total of 9,046 of property sales in September, marking a decline of 18% compared to the same month a year earlier. The decrease was largely due to a significant drop in new listings, which plummeted 34% year-over-year last month.

“Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done,” said TRREB President Kevin Crigger. “Bandaid policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution.”


Information for this briefing was found via the 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.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Chinese Junk Bond Yields Soar to Decade-High as Property Developers Continue to Miss Payments

Borrowing costs for Chinese property developers were sent soaring over the past month, as international...

Friday, November 12, 2021, 10:11:00 AM

Housing Minister Doesn’t Want Mayors To Be Blamed For The Housing Crisis, So Canadians Blamed Him Instead

Minister of Housing and Diversity & Inclusion Ahmed Hussen penned an op-ed castigating the opposition...

Saturday, July 15, 2023, 11:27:00 AM

Has There Been A Fundamental Shift In US Real Estate? – The Daily Dive

Finishing off the Daily Dive for this week is first time guest Jeffrey Christian, Managing...

Friday, May 6, 2022, 01:30:00 PM

Bank of Canada Lowers Mortgage Rates to 4.79% Amid CMHC’s Warning Regarding Risky Mortgages

The Bank of Canada has decided to further decrease its benchmark five-year mortgage rate to...

Saturday, August 15, 2020, 04:18:00 PM

Montreal Condo Listings on the Rise as Canadians Flee from Downtown Housing Markets

It appears that it is not just Toronto that is witnessing a mass exodus from...

Sunday, October 11, 2020, 11:31:00 AM