Wednesday , 22 March 2023

AVERAGE House/Condo Price In Greater Toronto Now $1,259,900 – Yes, $1,259,900!

Greater Toronto real estate prices are surging higher at the fastest pace in history. The TRREB composite benchmark price hit $1,259,900 in January, up 4.29% ($51,900) from the previous month.

@$Prices are now 33.29% ($314,667) higher than last year — about the cost of a whole house in Canada just over a decade ago. It’s an unreasonable amount of price growth.

In the City of Toronto, real estate prices are moving a little slower but still fast. The composite home price in the city hit $1,242,700 in January, up 2.22% ($27,000) from the month before. Compared to last year, prices are 24.64% ($245,668) higher, rising two-thirds the pace of the Greater Region. This tells us home prices in the suburbs are moving so fast, City prices are slowing down the whole index…

Toronto: Home Resale Market Conditions (End-of-month-listing-to-sale ratio.)

@$$Higher home prices motivate some to sell, but when they’re rising so fast, few want to leave anything on the table, especially with the central bank whipping buyers into a frenzy with the warning of higher rates. Experts see slowing demand with higher rates, but they didn’t see over 30% home price growth, so it’s a tough sell. A large portion of the population is now worried the end of cheap debt is coming, and they may have to pay more.
The above version of the original article by Kaitlin Last was edited [ ] and abridged (…) to provide you with a faster and easier read.

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