The price of a typical Toronto home has just risen by $ 100,000 in just 3 months

Bubble schmubble, toil and trouble (so much work, so much trouble) – if the Toronto real estate market is really overrated and tank ready (pop!) It certainly takes a long time to do that.

New data released this week by the Canadian Real Estate Association (CREA) shows that home sales continue to explode across the country as we go to the end of the year, smashing old records and sending prices across the roof across the globe.

The association reported Monday that national home sales rose about 8.6 percent in October month-on-month, with the MLS home price index rising along with sales figures at about 2.7 percent.

As for the actual national average selling price, it increased by 18.2 percent in October 2021 compared to October 2020, reaching about $ 770,000. That’s all over Canada.

The actual compounded comparison price for all domestic types (detached, townhouse, town hall etc.) in Greater Toronto Area for October of this year was $ 1,128,600. Refine this question only to single-family homes (read: houses), and it comes in at $ 1,333,400.

As of July 2021, that same figure was $ 1,231,600. This represents an increase of $ 101,800 (about 8 percent) in the benchmark price for houses through the GTA in just three months.

Talk about a quick return on your investment, whether one should have the resources to buy a home pre-pandemic or even in the last 12 weeks.

The price of a typical home in Greater Toronto continues to rise exponentially as 2021 continues. Experts say the increase can be attributed to a lack of supply amid growing demand. Image by CREA.

“After a summer where it looked like housing markets could calm down a bit, the October numbers suggest we may be going back to what we saw this spring, in terms of current market demand and supply conditions,” said CREA President Cliff Stevenson on release Monday.

“That said, one month of data is not a trend, so let’s look at how the balance of this memorable year is closely happening.”

Toronto is also no longer alone in this kind of market – the whole GTA is on fire. Some cities in the region, namely Oakville and Milton, now post even higher figures of typical home prices than the 6ix (they were at $ 1,452,900 at the HPI last month, according to the Globe and Mail.)

However, as the Globe explains, the home price index for the Toronto area has risen to its highest level since the last time everyone worried about a bubble in 2016 and 2017.

And again, it’s not just Toronto and its suburbs / remote cities: Ontario overall saw year-over-year price growth closing at 30 percent in October, according to the CREA – although, to be fair, the GTA has traveled a lot. of that growth.

“2021 continues to be surprising. Sales beat last year’s record around Thanksgiving weekend, so that’s always been key, but I don’t think too many observers would guess that the monthly trend will rise again in 2022,” CREA said. senior economist, Shaun Cathcart, of the trend.

“With demand so strong, the supply of homes for sale at any given time continues to shrink. It’s at its lowest point recorded right now, so it’s no surprise that prices are also rebounding. We need to build. More housing.”


Leave a Comment