Toronto housing market at ‘critical juncture’ as plunging listings push high prices higher
Home prices continued to climb in the hot Toronto area residential real estate market in September, hitting the third-highest mark on record for the month, according to data released Tuesday by the Toronto Regional Real Estate Board.
The average selling price for all home types combined was up by 18.3 per cent year-over-year to $1,136,280.
The board and other real estate organizations are calling on government to take stronger measures to address supply shortages to help take the wind out of red-hot prices that are keeping many out of the market and could hurt the economy in the longer term.
The average selling price in the Greater Toronto Area was up both month-over-month and year-over-year, though the number of sales was down 18 per cent from September 2020’s record result.
The period included a resurgence in the condo market, which contributed to sales representing a greater share of listings, TRREB said.
“Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property,” the real estate board said in a news release Tuesday morning.
“With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done.”
TRREB said the lack of housing supply has reached a critical juncture, adding that “bandaid policies to artificially suppress demand have not been effective.”
The real estate board called on all three levels of government to create stronger policies to address a shortage of new housing supply.