(MENAFN- Baystreet.ca) Toronto properties continue to risejust over the rate of inflation, with prices rising 3.6% this August fromAugust 2018, according to the Toronto Real Estate Board (TREB).
Expensive detached houses continueto be a drag on the market rising just 0.3 per cent year over year to $978,920across TREB's region. Prices for single-family homes across the City of Torontoare $1,246,392, a 0.3% rise from last year, but are actually $1,987,737 in thecity centre. That means those who want to stay anywhere near the TTC's Line 1subway - the heart of the city - are actually looking at closer to $2 milliondollars for a property.
If you go outside of the city limits to the 905, single family homes getnoticeably cheaper, at an average of $918,242. In the west end, for example,Milton homes for saleare$879,878 and on the east end,houses for sale inOshawaare just a fraction of the price of living in the city, at$554,891.
"GTA-wide sales were up on ayear-over-year basis for all major market segments, with annual rates of salesgrowth strongest for low-rise home types including detached houses. Thisreflects the fact that demand for more expensive home types was very low in2018 and has rebounded to a certain degree in 2019, albeit not back to therecord levels experienced in 2016 and the first quarter of 2017," says TREB.
Meanwhile, condos appear to bedriving all the price growth in the Greater Toronto Area, up 6.1% to $574,632.City condos are up 5.7% year over year to $619,307 while condos in the 905 arecheaper, up 8.5% to $478,755. Condos in the core will run closer to $686,118,more than a single family home in many 905 cities. But there's a reason forthat — it's the highest demand area for high-density living — 894 units soldthis August — more than the entire TREB region combined. In the 905 only Mississaugasold over 100 units this August, at an average price of $478,714.
TREB expects a slow and steadyprice rise in the near future, as new listings drop and constrain the supply ofhouses. It's unclear why so few sellers are listing their homes, but newlistings are down 3% year over year to 11,789 properties. Active listings aredown 11.2% to 15,870 properties. And since properties on the MLS tend to sellin under a month, just 25 days, few new or active listings last long on themarket. This puts enormous pressure on buyers to make speedy decisions andmakes them more likely to bid higher and increase their offerings.
To see more data on Toronto'shousing market, check out the infographic below:
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