‘A critical juncture’: Toronto area home prices surge more than 18% to hit a new record high - Toronto Star

Toronto area home prices, including all types of houses and condos, hit a new average high in September of $1.14 million — surging 18.3 per cent year over year for all types of homes, including condominiums.

The continued rise in home prices led Toronto Regional Real Estate Board (TRREB) president Kevin Crigger to call this “a critical juncture” in the region’s lack of housing supply.

September prices rose slightly from August’s average selling price and were 2.5 per cent above this year’s May peak of $1.11 million.

But as the number of new listings plunged 34 per cent, sales also tumbled 18 per cent from last year’s record September.

“With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done,” said Crigger. “Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property.”

As they have throughout the pandemic, houses continued to lead price growth with detached homes selling for up to 31 per cent more, year over year in 905 communities and 19.5 per cent more in Toronto.

The average selling price of a detached house in the suburbs was $1.46 million. In the city it was $1.78 million.

But condo prices, which had lagged earlier in the pandemic, continued to climb — up 18 per cent to an average $634,111 in the surrounding communities and 8.5 per cent to $744,730 in Toronto.

“Competition between buyers for condo apartments has picked up markedly over the past year, which has led to an acceleration in price growth over the past few months as first-time buyers re-entered the ownership market. Look for this trend to continue,” said Jason Mercer, the real estate board’s chief market analyst.

New listings have actually risen slightly this year to date up to 139,616 from 121,573 for the same period last year.

On a year-to-date basis, sales have also spiked to 97,012 from 68,681 last year. But market activity was essentially stalled through much of spring 2020 following the first pandemic lockdown in March.

TRREB CEO John DiMichele said that housing, a key issue in last month’s federal election, is poised to be a significant issue in next year’s provincial and municipal elections.

“Much of the heavy lifting required to bring more housing online, from a policy perspective, happens at the provincial and local levels,” he said.

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2021-10-05 09:00:25Z
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