Demand for detached properties helped fuel another month of double-digit sales growth and record-breaking prices in Canada’s largest housing market in September.
The total number of homes sold across the Greater Toronto Area surged 42.3 per cent year-over-year to a new record for September as 11,083 properties traded hands last month, according to data released Tuesday by the Toronto Regional Real Estate Board (TRREB).
Detached homes accounted for more than half of the activity as 5,559 sales were recorded in the month, representing a 55 per cent increase from last year. Meanwhile, condo activity lagged as sales rose 14.6 per cent year-over-year.
The average selling price for all homes rose 14 per cent year-over-year to $960,772 — marking a fourth consecutive month of record average prices in the GTA after the previous all-time high of $951,404 was registered in August.
“Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn. … However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence,” said TRREB president Lisa Patel in a release.