Toronto’s benchmark home price is edging steadily towards its historic high reached in 2017, according to the latest figures from the city’s real estate board.
Ever-stronger demand along with supply scarcity has led to a 5.2% increase in the city’s benchmark housing price in September, up to approximately $805,500.This reading was just around $10,000 lower than the record peak observed by TREB.
Market strength has been largely driven by lower interest rates and immigration-driven population growth, TREB added.
Meanwhile, the average home price grew by 5.8% to $843,115 – indeed, the highest seen so far this year.
Active listings fell by 14% annually to 17,254 units, while sales accelerated by 22% during the same time frame to 7,825 transactions.Detached homes drove much of the dynamism, with a 29% increase in sales.
However, while Toronto’s homes have remained at exorbitant prices over the past few years, tens of thousands of these dwellings remain unoccupied.
A recent report by Point2 Homes found that approximately 1.34 million homes across Canada lie vacant or merely hold temporary occupants.
The 2016 figure, the most recently available batch, represented 8.7% of the units available in the national