Update Yourself About Home Prices

Toronto-area home prices tick upward in September

Update yourself about home prices since the year sort of started on the gloomy side of declining prices. Good reading for all home owners. Excerpted from The Toronto Star.

By Tess KalinowskiReal Estate Reporter

Wed., Oct. 3, 2018

The Toronto-area housing market continued to make modest year-over-year gains in September, with the average selling price across all housing types, from detached homes to condos, up 2.9 per cent to $796,786.

The number of resale home transactions rose 1.9 per cent compared to September 2017.

Seasonally adjusted sales prices showed a second month-over-month decline, with prices down 0.5 per cent in September compared to August — a $4,335 difference.

The average detached house price dropped 0.6 per cent year over year to about $1 million region-wide. The average of $1.34 million in the city of Toronto declined 1.4 per cent compared to September 2017.

In the surrounding 905 communities, detached houses sold for 0.6 per cent less than in the same month last year, according to the Toronto Real Estate Board (TREB).

Condo prices continued to rise, up 10 per cent in the Toronto region, including an 11.7 per cent gain in the average selling price inside Toronto’s city borders and a 6.4 per cent gain in the 905 areas.