Photo: John Ryan/Flickr
Despite a robust condo market, homebuyers in the Greater Toronto Area continue to prefer detached homes to townhouses or condos, according to the latest data from the Toronto Real Estate Board.
The number of existing homes that changed hands in Toronto during the first two weeks of November was up 8.3 per cent from the same period a year earlier.
Out of the 3,350 sales in the GTA recorded by TREB, which represents realtors and tracks the market by way of the Multiple Listing Service, 1,601 were detached homes, 845 were condos, 511 were townhomes and 333 were semis.
In the City of Toronto, condos were the most popular type, with 622 units selling compared to 496 detached homes.
TREB’s president Paul Etherington said the fact that both first-time buyers and existing homeowners across the GTA have made deals to own a house in November so far indicates homeownership remains affordable.
“Buyers remain confident in ownership housing as a quality long-term investment,” he said.
The average sales price for homes in the GTA during the two-week period was $579,834, up 7.6 per cent, or $41,079, from the average price in the first two weeks of November 2013.
TREB’s market analysis director Jason Mercer, added that buyers in many neighbourhoods across the region are competing for a constrained supply of detached and semi-detached houses and townhouses.
“This is why, more often than not, annual average rates of price growth for these home types have been in the high single digits or low double digits this year,” he said.
The average price of a detached house in the city of Toronto was $922, 524 in the first half of November, up 8.4 per cent from a year earlier. The average price of a condo was $407,178, up 2.9 per cent. For townhouses it was $511, 735, up 6.8 per cent.
Follow Kat Sieniuc on twitter: @katsieniuc