Greater Toronto real estate’s brief pandemic lull is over, and the market is picking up where it left off. Toronto Regional Real Estate Board (TRREB) data shows prices reached a new all-time high in August. The increase comes even as sellers hit the market at a much faster pace than buyers. The suburbs are still leading the market, with the city seeing more and more inventory pile up.
Greater Toronto Real Estate Prices See Growth Accelerate
The price of a home in Greater Toronto is up significantly, especially the suburbs. The benchmark price across TRREB reached $890,400 in August, up 11.09% from the same month last year. The City of Toronto benchmark is now $971,800, up 9.34% from last year. Since TRREB is growing faster than the City, this means home prices in the 905 are moving even faster.
Greater Toronto Benchmark Price
The price of a “typical” composite home across Greater Toronto.
Source: TRREB. Better Dwelling.
The rate of price growth has been accelerating for both regions, and reached the highest level in years. Both TRREB’s 11.09% and the City’s 9.34% rate of growth are higher than the month before. The Greater Toronto number is now above March’s pre-pandemic highs. In fact, TRREB’s rate of growth is the highest since 2017.
Greater Toronto Benchmark Price Change
The annual percent change of TRREB’s benchmark price for all home types.
Source: TRREB. Better Dwelling.
The median sale price was lower, but it also saw large growth. TRREB’s median sale price comes in at $821,000 in August, up 7.30% from the same month last year. The City of Toronto’s median price reached $815,000, up 18.98% from last year. TRREB and the City’s median sale prices are 7.8% and 16% lower than the benchmark, indicating more than half of homes sold below the benchmark.
The average sale price is somewhere between the benchmark and the median sale price’s rate of growth. TRREB’s benchmark price was $951,404 in August, up 20.03% from the same month last year. The City of Toronto average price reached $1,012,506, up 23.67% from last year. The large increase on this indicator is largely due to the rise in detached sales, relative to condo apartments.
Greater Toronto Average Sale Price Change
The annual percent change of the average sale price of all homes.
Source: TRREB, Better Dwelling.
Greater Toronto Real Estate Sales Print An August Record
Greater Toronto real estate sales hit a new record for the month of August. TREB reported 10,775 sales in August, up 39.73% from last year. The City of Toronto represented 3,577 of those sales, up 40.11% from last year. Despite the record, this number is lower than the month before, likely indicating a release of some of the pent up demand. The arc of sales more closely resembles a May-June trend, than one seen in August.
Greater Toronto August Home Sales
The total home sales across TREB by year, for the month of August.
Source: TRREB, Better Dwelling.
More Greater Toronto Real Estate Sellers Hit The Market, Especially In The City
Greater Toronto is also seeing new inventory soar, especially in the City. TRREB saw 18,491 new listings in August, up 56.84% from last year. The City of Toronto represented 7,391 of those new listings, up a whopping 98.30% from last year. The City is showing a lot more growth in sellers than the suburbs.
Greater Toronto Sales To New Listings
The number newly listed units per month, in contrast to sales.
Source: TRREB, Better Dwelling.
New listings rising faster than sales helped to push total inventory levels higher. TRREB reported 16,662 active listings in August, up 4.99% from the same month last year. The City of Toronto represented 7,391 of those new listings, up 56.22% from last year. This was the highest level of August inventory since 2018.
Greater Toronto August Active Listings
The total of active home listings across TREB by year, for the month of August.
Source: TRREB, Better Dwelling.
Greater Toronto real estate more closely resembles a spring market, than a summer one. Sales and new listings are both seeing explosive growth, however it’s somewhat tapered from the month before. Looking at historic trends, it’s kind of like May or June just shifted to August.
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Guys wake up, the government is the problem. What is the first thing they done in the pandemic? Mortgage deferrals, buying tons of sub prime from banks, all just to prop up housing price.
They are screwing everyone by using Canadian tax pay blood to fuel real estate speculator wealth. This is a horrible crime against all Canadians. Housing is now unaffordable for people in Toronto.
Time to fight this corruption, Canada’s housing strategy is a crime against our people. They are stealing from Canadians and giving it to real estate speculators. As a side effect they also screwed many Canadians out of a life they could have had.
Remember your anger during the next federal election. Canadian real estate and money laundering began to explode in 2015. Hmm what happened that year?
it started with harper in 2008. after the usa , crash he enabled more foreign investment from china and middle east. canada became an international money laundering haven. it housing prices went crazy first her out west. after they introduced the foreing buyers tax, toronto saw an increase in prices and the same dodgey practices weve all been living through in vancouver for a long time…. this isnt a just liberal thing… its a canadian federal govt initiative … real estate is like 25 percent of GDP…. if it dips …. things will be very bad….. but it needs to correct nevertheless…
Agreed but what is the plan to do something about this? Without suggesting some kind of unrealistic rebellion, surely there are some legitimate actions we can take as “victims”?
Not voting Liberal would be a start. It was obvious that Trudeau would flood the cities with low-wage workers from overseas to inflate housing and undercut the wages of Millennials. I can’t understand why young people were eager to vote against their own interests.
And didn’t the Liberals promise a national foreign buyer tax last election? Where is it? Doesn’t Canada NEED money, badly? Apparently it’s fine to tax Canadian workers to death but foreign nationals buying up Canadian cities with laundered money are a protected class.
Low wage workers from abroad are not buying real estate, they are renting, They are not the problem,excessive monetary and fiscal policy to buy votes and placate public sector is
Renters need to get some of their own in government. The political class is virtually 100% homeowner and they will skew (either intentionally or subconsciously) the rules in their personal favour.
I think I recall reading that the finance minister in Christy Clark’s government in BC had a stake in something like 8 properties? Might have been a different minister.
It is called voting for fiscal, monetary responsibility and efficient and effective public administration
Good thing our Conservative government in Ontario reigned in on the house prices… lol
What’s unrealistic about rebellion? Get it in the streets.
We should make it a priority for government to address the money laundering in Canadian real estate. stop foreign investment in real estate. tax homes sitting empty. The real estate industry Needs an overhaul these soo called realtors that have no ones interest but there own in mind need too be pushed out. Speculation is a large part of the problem.
Find pro bono lawyers or go around buying each other’s homes to infinity and beyond raising the bottom and supporting the craze till end of days