Detached homes are back on top in Toronto.
While total Toronto home sales surged in August, detached houses regained the crown as the housing type that posted the biggest annual increase, according to the Toronto Real Estate Board (TREB).
Some 3,618 detached homes changed hands across the GTA last month, an increase of 21.3 percent compared to last August.
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“GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses,” says the real estate board in its monthly report.
“This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017,” the board continues.
At 2,067 transactions, condo sales activity was up 4 percent annually, while townhouse sales increased 13.7 percent, totalling 1,292. Meantime, the semi-detached segment saw 642 sales for an annual rise of 11.8 percent. In July, detached home sales had skyrocketed 42 percent, overshadowing every other housing by a large margin.
“Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three per cent over the same time period to 11,789,” TREB notes.
In all, 7,711 residential properties were sold across the region last month at an average price of $792,611, representing an increase of 3.6 percent on a year-over-year basis.
Detached homes may lead the charge for home sales, but in terms of the rate of price growth, condos are still tops.
GTA condos sold for an average of $574,632 in August, amounting to a year-over-year increase of 6.1 percent, well above the 0.3 percent annual growth for detached homes, which had an average sale price of $978,920.
Semi-detached homes and townhouses were in the middle, with yearly gains of 3.5 percent and 2.3 percent, respectively. The average selling price for a semi-detached home was $768,230, compared to $639,584 for a townhouse.