The Toronto real estate market, along with those in a few other major centres in Canada, has been so hot that the regulations governing the down payment required to buy a house are being altered in an effort to cool down the markets. The heat is certainly evident when looking at November statistics in Toronto, as the city experienced its highest real estate sales on record for the month. When the dust settled, the average price of a home in the City of Toronto proper was $654,221, while prices in the rest of the Greater Toronto Area were only slightly lower, averaging $619,050.
Year-Over-Year Sales Up Across the GTA
When the sales statistics from 2014 are compared to November of this year, it becomes clear just how hot the Toronto real estate market is. Firstly, sales are up across all categories of homes, with more activity being seen in the detached, semi-detached, townhouse and condo categories. The largest growth in Toronto proper was in the semi-detached market, with sales 14.2% higher than in November of last year. Condos weren’t far behind, with 13.3% growth.
Growth was even more pronounced out in the suburbs. Double-digit sales increases were seen in every category in 905 area code regions. The semi-detached and condo property categories both enjoyed sales more than 20% higher than in November of 2014. This kind of growth creates some difficulties for buyers, who are forced to stay alert to the ever increasing prices that accompany such furious market activity.
Detached Homes Average $1,018,621 in Toronto
With an average price substantially over $1,000,000, detached homes in Toronto saw a year-over-year average price increase of 8.8%. While prices in the suburbs grew faster, at a year-over-year rate of 13.5%, detached houses remain substantially more affordable in the 905, with the average price last month landing at $762,326.
Ultimately, the most affordable options for buyers across the GTA are condo apartments. Not only are the average prices the lowest, but also they have seen the slowest growth in price. This may offer some predictability and stability to prospective buyers even as the prices of other types of properties continue to soar. In Toronto, condo prices rose 5.4% from November of last year to an average sale price of $415,316. In the 905 cities, prices rose only 1.5% year-over-year, and the average price of a condo was $315,223 last November.