News

Toronto area home prices and sales rose for the fourth consecutive month in October with the Toronto Regional Real Estate Board forecasting record or near-record sales to continue through the balance of the year.

But as detached house values have soared, a surge in condo supply has rendered prices in that category relatively flat, said the TRREB on Wednesday.

There were 7,441 detached houses listed last month, a year-over-year increase of 6.9 per cent.

Condo listings more than doubled to 6,193, compared to October 2019.

It’s a substantial turnaround from the 2017 and 2018 market, when the condo sector was among the tightest, said the board’s chief market analyst, Jason Mercer.

“We still are seeing sales up relative to what we saw last year. It’s not a scenario where sales and demand are drying up. It’s that buyers are benefiting from more choice and you would expect them to take advantage of that over time,” he said.

The average price for all resale houses and condos rose 3.7 per cent year over year, last month to $968,318.

Detached houses sold for $1.2 million on average, a 14.8-per-cent increase this year, compared to last October. Sales were up 33.9 per cent across the region for those houses.