Toronto Real Estate – Average Price of Detached Home climbs to $880,433
Despite many market analysts saying that the sky is falling in Toronto’s real estate market – it showed no sign of slowing down in July. As noted in the recent CBC article by Susan Pigg:
” Toronto’s hot real estate market showed no signs of slowing down in July, as the number of home resales surged 10 per cent from the same month a year earlier.”
According to the Toronto Real Estate Board 9,198 homes were bought and sold in the GTA in July, making it the second best July sales result on record.
“Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth. The result was average price growth well above the rate of inflation,” said board president Paul Etherington
The average sales price was up 7.5 per cent to $550,700, with the biggest increase occurring in the average selling price of.detached houses.
- Detached homes have increased 11% year-over-year to an average of $880,433.
- Condominium prices in Toronto increased 4.7 %to $379,000.
The MLS home price index, which measures the rate at which housing prices change over time by tracking price changes in “typical” homes, showed similar strength. In the Greater Toronto Area, the composite resale home changed hands for $513,400, up 7.9 per cent from a year earlier.
What do you think — Is this a housing bubble about to pop, or just a new reality? There are no easy answers, and certainly there are people who vehemently believe both sides of the coin.