Toronto Market Heats Up In September
After a quiet summer, prices for both detached homes and condominium apartments in the City of Toronto moved sharply higher in September.
For detached homes, prices hit a new all-time high of $1,778,928, exceeding the previous high reached this spring. This was 8% higher than last month, and 20% above last September. This is one of the few times in recent history that prices in the fall have surpassed the spring.
The upward spike in prices was not accompanied by a surge in sales, however. Sales were higher than a (very slow) August, but only slightly higher than June. Total detached sales for July, August and September were 2,349, 27% lower than the same three months last year, and almost 60% lower than the peak spring months this year.
There were only 1,116 active listings for detached homes in September, slightly higher than August but 44% below last September. With both sales and listings relatively low in September, inventory remained in the same narrow 1.0-1.5 months range as it has been for most of this year. The strong sellers’ market for detached homes persists.
Condominium apartments in the City of Toronto told a similar story in September. Condo prices set a new all-time high of $744,730, passing the previous high reached this April and 9% above last September. As for detached homes, the condo market is doing better this fall than in the spring, a rare occurrence. Condo prices slumped badly during the last quarter of 2020, and so we are experiencing a massive year-over-year divergence. What a difference a year makes.
Sales and active listings for condo apartments have changed very little since the summer, so the jump in prices is not a result of a change in inventory, which held steady at close to 1.5 months’ supply, where it has been for the past 5 months. As for detached homes, the sellers’ market continues and seems to be kicking into an even higher gear.
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