Toronto house prices were up almost 9 per cent in October over a year earlier as the shortage of low-rise homes for sale continues to drive fierce competition and price escalations.
Those sellers’ market conditions are expected to push prices higher through the rest of this year and into 2015, said the Toronto Real Estate Board as it released October sales figures Wednesday.
Some 8,552 houses changed hands across the GTA in October, up 7.7 per cent from October of 2013. While new listings were up 3.4 per cent, the strength of demand meant that overall active listings were down 5.7 per cent. That continues to drive bidding wars in the sought-after City of Toronto.
The average sales price was $587,505, up 8.9 per cent from the $539,286 recorded last October, says TREB.
Even the condo sector continues to see strong demand, with prices up 2.5 per cent and sales up 6.8 per cent, as buyers look to get a toehold in a market that shows no signs of slowing.
Detached homes continued to lead the way, with sales up almost 10 per cent. The average transaction price for a stand-alone house in the 416 region, which just touched on $1 million this spring, stood at $951,746 in October, up 8.7 per cent year-over-year.
That compared to an average sales price of $672,929 for detached homes sold in the 905 regions last month, up 10.6 per cent from last October.
Semi-detached homes sold for an average of $678,937 in the City of Toronto, up 5.4 per cent, compared to $450,375 in the suburbs, an 8.3 per cent increase in average prices year-over-year.
Townhouse prices were up 9.8 per cent in the city, to an average of $520,705 and 9.4 per cent in the suburbs, to $414,797, according to TREB.
Resale condos sold for an average of $390,430 in the 416 region, up a modest 1.5 per cent over a year ago, while prices were up 4.6 per cent in the 905 regions, to an average of $308,919.