Tue. Jul 5th, 2022

The average selling price of a detached house is approaching $ 1.8 million


The average price of a detached house in the real estate market in Toronto is higher than ever.

It should come as no surprise to anyone searching local listings where a Scarborough bungalow sitting on a large plot is attached to $ 3.2 million (this is not hyperbole).

According to the Toronto Regional Real Estate Board (TRREB), the average selling price of a detached house in the 416 area reached a record high of $ 1,778,928 in September, an increase of 19.5 percent over the previous year and a jump of six percent from the month before.

The average selling price of a detached house at 416 rose seven percent since August to $ 1,304,504, up 13.9 percent year-on-year but below the record high of $ 1,326,153 in May.

Detached houses also hit record levels in 905, where the average selling price reached $ 1,451,471, which is 31.4 percent higher year-over-year. It pushed the average across the real estate market in the Greater Toronto Area (GTA) to $ 1,526,465, an increase of 28.9 percent year over year. The average selling price for all home types combined rose 18.3 percent year-over-year to $ 1,136,280.

The total number of sales fell 18 percent from the record high in September 2020. TRREB suggests that and the higher prices of detached and semi-detached houses are a result of lack of supply. New listings fell 34 percent from this time last year.

“Demand has been incredibly robust throughout September with many qualified buyers willing to buy a house tomorrow, provided they could find a suitable property,” TRREB President Kevin Crigger said in a statement.

He followed up on that by again rejecting all alternative solutions to cooling sky-high prices that do not involve building more.

“The lack of housing supply and options has reached a critical time. Band-aid policies to artificially suppress demand have not been effective. This is not a problem that can be solved by a level of government alone. There must be federal, provincial and local cooperation on a solution. ”

In the same statement, TRREB CEO John DiMichele doubled the policy that will inevitably shape the Toronto market. Premier Doug Ford, whose government is on board with the industry’s demands to increase supply by reducing bureaucracy – despite environmental costs – will be re-elected in 2022.

“Much of the heavy lifting required to bring more housing online, from a political perspective, is happening at the provincial and local levels,” DiMichele said, strategically boxing the federal liberals out of the equation. “These levels of government must be on the same page.”

@justsayrad

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