By: Zoocasa
In a surprise twist in the Toronto housing chronicles of 2018, semi-detached properties outpaced all other market segments in price growth this November, and now top an average of $1 million.
Semi-detached house prices in the City of Toronto gew 17.2 per cent to $1,060,359 year over year, according to Toronto Real Estate Board. The median price, perhaps a better reflection of prices than averages, was a still-expensive $905,000, an increase of over $100,000 from just one year ago.
Meanwhile condos, usually in lead price-wise, only grew 7 per cent year over year this November to $595,678. Toronto townhouses, an excellent alternative to semi-detached properties, actually declined 2.9 per cent to $739,837, while single-family homes remained the most expensive houses for sale at $1,301,382, but edging upwards only 1.8 per cent.
“Home types with lower average price points have been associated with stronger rates of price growth over the past few months. Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year,” said Jason Mercer, TREB’s director of market analysis.
Even given buyers’ preferences for higher-density and less-expensive housing, semi-detached properties are still more expensive than townhouses and condos. It’s still unclear why the sudden price surge for semi-detached properties happened this November. Perhaps since such a low volume of semi-detached houses are sold each month - just 209 in the City of Toronto, a few higher-priced properties can skew the entire average.
But other metrics indicate that they are simply in high-demand; semi-detached houses remained only 18 days on market, compared to the TREB average of 27. They’re still flying off the MLS.
By far the most expensive place to purchase a semi-detached is in Toronto Central, where the price for sharing walls has reached an incredible $1,377,550. Within Toronto Central, Rosedale-Moore Park has the honour of selling semi-detached houses at more than double the price of the city average -- two properties sold in this neighbourhood during November for an average price of $2,469,500.
Overall, property prices for the 416 climbed 5 per cent to $842483.
Want more detailed information on other property types? Check out the infographic below.
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