Toronto’s condo market was on fire this February, according to the latest report by the Toronto Regional Real Estate Board (TRREB).
Prices for Toronto condos rose 18% to $722,675 and 19.3% in the suburbs to $534,688, year over year. While double-digit growth is usual for condos, it usually hovers around 10%. To see growth closer to 20% means either that last February experienced record lows (which it did), or that this February saw a surge of eager buyers (which was also the case). Across the markets tracked by TRREB, condo prices rose 18.6% to an average selling price of $666,358 — easily topping the price of a detached house in most smaller urban centres in Ontario.
The most expensive units to buy, unsurprisingly, are condos in downtown Toronto. There, the average selling price in February was $805,982. At 845 condos sold, it’s also by far the most active and in-demand condo region. Toronto West and East, Markham, Mississauga and Vaughan are also popular condo-buying regions.
Toronto detached houses also saw a price surge this February: single-family home prices in Toronto jumped 14.4% to $1,485,304 in the 416 this February from February 2019 and 13.7% to $1,113,918 in the suburbs. That price gain is most unusual, as detached houses have been sluggish for over two years now, with gains hovering around the -1% to 3% range.
The average price for all property types across TRREB rose 16.7% to $910,290 year over year — the highest annual growth seen since the peak days of 2016 and early 2017.
Low inventory is largely responsible for the price hike, as desperate buyers clamour for the few available properties.
New listings increased slightly, but not nearly enough to keep up with demand. New listings grew 7.9% to 10,613 properties, while sales grew an incredible 45.6%. That mismatch leaves Toronto’s housing market firmly in favour of sellers.
For more information on this month’s housing market, check out the infographic below:
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