Home sales in the Toronto region have broke a new monthly record for the third month in a row!
The average home price across the Toronto Region grew 14% year-over-year to hit 960,772 in September. Low rise freehold housing outside the City of Toronto continued to drive sales growth across the region. With new listings unable to keep up with demand, several regions exhibited tight competition condition.
In York Region, home prices increased 9% to $1,066,380, whereas sales increased 60% year-over-year. However, with new listings rising 24% year-over-year, there was sufficient supply to mean demand in the region, creating the conditions for balanced housing competition.
In Durham Region, homes sales shot up 56% year-over-year in September, with 1,492 homes being sold. New listings grew just 2% in the region to 1,873 for all home types, and fell 11% to 1,237 for detached homes. With demand outstripping supply, the Durham Region experienced strong sellers’ market conditions, buyers faced stiff competition for available listings.
The City of Toronto also experienced price and sales growth, albeit at a slower pace. Home sales grew 19% year-over-year, with 3,555 transactions taking place during the month of September. Semi-detached properties noted the fastest sales incline at 49% year-over-year growth and 421 properties being sold. Detached property sales also grew quickly, with a 28% annual increase and 1,161 sales. In terms of housing competition, the City of Toronto remained in balanced market territory. Homes prices in the region grew steadily by 12% to $1,022,051.
The City of Toronto was the only region with single-digit condo apartment sales growth- with 1,549 condos sold, marking a 7% sales increase year-over-year compared to 14% for the Toronto Region as a whole. Comparatively, all other Toronto Region markets noted strong double-digit growth in condo apartment sales, followed by Halton Region (36%), Peel Region (31%), and Durham Region (25%).
For condo townhouses, sales grew 43% year-over-year for the Toronto Region as a whole. In Halton Region, they grew an impressive 96% year-over-year, followed by a 90% increase in York Region. Durham and Peel also noted strong condo townhouse sales increases at 76% and 38% respectively. Comparatively, in the City of Toronto, condo townhouse sales growth was much more muted, with sales growth in the low double digits, at 13% year-over-year.