Toronto Home Prices Reach Record Level, Demand In Vancouver Remains High

Housing prices in the Greater Toronto Area surged 18.3% year-over-year in September to an all-time high of $1,136,280, according to data from the Toronto Regional Real Estate Board (TREB).

However, home sales in Toronto declined 18% in September year-over-year as the market continued to tighten. The number of active listings plunged by half in September, with just 9,191 homes up for sale at the end of the month; and new listings sank 34% compared to a year earlier.

TREB said while price growth was driven by the detached and townhouse segments, competition between buyers in the condo market has seen a meaningful increase – a trend the board expects to continue.

Toronto’s raging housing market presents a potential challenge for the newly re-elected federal Liberal government, which campaigned on a promise to tackle affordability for first-time buyers.

Meanwhile home sales across Metro Vancouver remained well above the 10-year average in September, but the Real Estate Board of Greater Vancouver says prices haven't climbed as sharply.

The board's housing market report for September shows sales were 20.8% above the 10-year average for the month while new listings were 1.2% below.

Just over 9,000 condos, townhomes and single-detached homes were listed for sale in Vancouver during September and statistics from the board show 34% of those changed hands.

The report shows the composite benchmark price for all residential properties in Metro Vancouver is just under $1.2 million, a 13.8% boost over September 2020 but an increase of only 0.8% since August.