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.