The average sale price of a home climbed almost 6% from August, but sales are down 35% from the year before
Garry Marr
The Vancouver Sun
The average sale price of a home in Toronto climbed almost six per cent from August, but sales across the region continued to sputter compared to a year ago.
The Toronto Real Estate Board said Wednesday the average sale price for a home sold in September in the Greater Toronto Area was $775,546, up from the average of $732,292 a month earlier.
The board said its sale price was up 2.6 per cent from a year ago but the MLS Home Price Index composite benchmark rose 12.2 per cent on a year-over-year basis.
“A key reason for the difference in annual growth rates between the average price and the MLS HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last,” the board said.
There were 6,379 sales through in September 2017, down by 35 per cent compared to a year earlier. August sales across the GTA were 6,357.
Supply continues to rise in the market with new listings climbing to 16,469 in September, up by 9.4 per cent year-over-year.
“The improvement in listings in September compared to a year earlier suggests that homeowners are anticipating an uptick in sales activity as we move through the fall,” said Tim Syrianos, president of the board, in a release. “Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace.”
Prices in the condo market continue to appear to be strong with the average one selling for $520,411 across the GTA in September, a 23.2 per cent increase from a year ago. The average condominium sold for $507,841 in August. September condo sales were off 27.5 per cent from a year ago.
The average detached home sold for $1,015,067 in the GTA in September, flat from a year ago. The average detached home sold for $968,494 in the GTA in August.
“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year,” said Jason Mercer, director of market analysts for TREB. “Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions.”
© 2017 Financial Post