Toronto had another month of record-breaking home sales in July, but the city’s real estate board is warning of a “troubling trend” that is sending home affordability out of range.
“While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA,” the Toronto Real Estate Board (TREB) said in a statement Thursday.
- Price growth in 905 nearly doubles Toronto
- Detached home supply drying up in city
- Provincial policy driving up house prices, developers say
According to TREB data, the average house price in the 905 has exceeded the average house price in Toronto. The average for all housing types in Toronto was $690,103 in July, up 11.7 per cent in a year, while in the 905 it was $720,462 — up 19.2 per cent in a year.
Parts of the 905 have seen stronger house price growth than the city in the past few years, as Torontonians move further out in search of affordable housing. Meanwhile, as the supply of detached homes in Toronto dries up, condos account for more of the city’s home sales, and that has pulled down the average selling price.