The Greater Toronto Area’s detached housing market showed strength in September, with both prices and sales rising.
The Toronto Real Estate Board (TREB) reported a benchmark price of $946,700, up by 3.55% from September 2018, the highest 12-month growth since November 2017. In the City of Toronto, the benchmark was $1,135,600, up by 2.74% over the same period.
The median sale price was much lower than the benchmark price. TREB reported a median sale price of $890,000 last month, up by 5.32% from last year. The City of Toronto’s median sale price hit $1,080,000, up by 3.27% over the same period.
The average sale price for detached homes was somewhere between these metrics. TREB reported an average sale price of $1,050,421 last month, up by 4.17% year over year (YOY). In the City of Toronto, it reached $1,360,623, up by 1.36% YOY.
“Detached sales made a huge jump, but mostly due to how bad numbers have been over the past few Septembers,” Better Dwelling said.
TREB reported 3,616 sales last month, up by 27.81% YOY. The City of Toronto represented 909 of those sales, up by 36.69% YOY.
Meanwhile, new listings for detached homes were almost flat in the GTA. TREB reported 8,707 new listings last month, down by 0.22% YOY. The city proper represented 2,269 of the listings, up by 12.94% YOY.
With new listings coming in flat and sales rising substantially, the inventory became fewer. TREB reported 10,863 active listings last month, down by 9.79% YOY. The city proper represented 2,272 of those listings, down by 1.94% YOY.