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The housing market in Toronto showed more signs of stability in October, as condominium and semi-detached prices rose even though unit sales were little changed.
The average selling price rose 1% last month in September to a seasonally adjusted amount of $ 810,881 ($ 619,419), the first gain in three months. The reference price, which takes into account the types of homes sold, increased by 2.6% compared to the same month last year. Sales declined 1% seasonally adjusted for the month to settle at 6,920, down 3.3% from a year earlier, the Toronto Real Estate Board announced Monday.
The real estate market in Canada's largest city is recovering from a slowdown earlier this year as mortgage lending rules came into effect on January 1 and mortgage costs rose, the president said. Council, Garry Bhaura. Recent declines in sales are much smaller than at the beginning of the year, as the rule changes made borrowing for a home more difficult.
According to some sources, the market could tighten because lack of supply remains a problem while demand is strong, said the real estate group. New listings fell 2.7% in October from a year ago. On the economic front, Ontario's unemployment rate was 5.6% last month, about one percentage point below its record level.
A report from the Toronto Real Estate Board showed that condominiums were leading price increases.
Ernest Doroszuk / Toronto Sun Files / Postmedia Network
"A strong regional economy and sustained population growth will continue to support the demand for homeowners as 2019 approaches," said Bhaura.
The report showed that condominiums were the main drivers of rising prices. The average price of condominiums increased by 7.5% in October over the previous year, while that of single-detached homes increased by only 1%. Semi-detached homes increased 6.6%. The average condo price of $ 562,523 is about half the price of a single-family home, at $ 1.02 million.
Bloomberg.com
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