The housing market in Toronto has been stabilizing over the course of the third quarter, following a sharp drop in the first two quarters after the implementation of various government regulations. Gradual improvements in prices since the second quarter with increased sales activities in suburbs, fall in Toronto and inventory increase in both areas. The housing market is becoming TIGHTER as the number of NEW (not re-list) listings across the GTA dropped in September, while home sale prices climbed compared with a year ago.
The annual rate of sales growth has outpaced the annual rate of NEW listings growth, creating a market that was tighter than the previous year 3rd quarter with less than 3 months of inventory in the GTA and less than 2 months of available supply in Toronto.
The average selling price across all housing types, from detached homes to condos, went up 2.9% to $796,786. The average detached dwelling price is at $1.34 million in the city of Toronto, a decline of 1.4%. Condo prices continued to rise, up 10% in the GTA and an 11% gain in the average selling price inside Toronto’s boundaries.
Overall the City of Toronto maintained a healthy growth of 5.2% in the third quarter while almost every suburb region with the exception of Mississauga, had price declines compared to 4 the same period last year.