The Greater Toronto detached real estate market is buzzing once again. Toronto Real Estate Board (TREB) numbers show sales made a big jump in September. Sales volumes aren’t back to boom time levels, but the increase was enough to raise prices. Most of the gains are in the 905, which is seeing much higher price growth than the City.

Toronto Detached Real Estate Prices Rise Over 3%

The price of a “typical” detached home is on the way up once again. TREB reported a benchmark price of $946,700 in September, up 3.55% from last year. The City of Toronto benchmark reached $1,135,600 in the same month, up 2.74% over the same period. The price growth in suburbs is big, while the City is moving a little above inflation.

Toronto Detached Benchmark Price

The price of a typical detached home across the Toronto Real Estate Board, in Canadian dollars.

Source: TREB, Better Dwelling.

Detached prices have been moving faster in the 905 recently, and last month was no exception. TREB’s 3.55% detached benchmark growth is higher than the month before. It’s also the highest 12-month growth since November 2017. The City of Toronto benchmark made a slight drop from the month before. However, one month isn’t enough to say it’s reversing. Before pledging allegiance to team bull market, it’s worth noting this is only around a year of gains.

Toronto Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Toronto Real Estate Board.

Source: TREB, Better Dwelling.

The median sale price is curiously much lower than the price of a “typical” home, these days. TREB reported a median sale price of $890,000 in September, up 5.32% from last year. The City of Toronto median sale price hit $1,080,000, up 3.27% over the same period. This means more than half of all homes in TREB sold for 5.98% below the “typical” price, and 4.89% in the City of Toronto. Substantial disconnect between the two numbers.

Toronto Detached Average Sale Price

The average sale price of a detached house in the Toronto Real Estate Board.

Source: TREB, Better Dwelling.

The average sale price for detached homes was somewhere between the other metrics. TREB reported an average sale price of $1,050,421 in September, up 4.17% from last year. The City of Toronto reached $1,360,623, up 1.36% from the same month last year. The suburbs are seeing bigger growth than the City, which is moving below inflation.

Toronto Detached Average Sale Price Change

The 12 month percent change of average sale price across across TREB.

Source: TREB, Better Dwelling.

Toronto Detached Real Estate Sales Make A Big Jump From Last Year

Detached sales made a huge jump, but mostly due to how bad numbers have been over the past few Septembers. TREB reported 3,616 sales in September, up a whopping 27.81% from last year. The City of Toronto represented 909 of those sales, up an even largeer 36.69% from last year. The City of Toronto is seeing these numbers grow much faster than the suburbs. However, these numbers are still 2012 levels of weakness. For those too young to remember those days, it wasn’t pretty.

Toronto Detached September Sales

The total number of Greater Toronto detached sales made in the month of September.

Source: TREB, Better Dwelling.

Detached Real Estate Inventory Is Falling Fast In The 905

New listings for detached real estate were almost flat. TREB reported 8,707 new listings in September, down 0.22% from last year. The City of Toronto represents 2,269 of the listings, up 12.94% from last year. New listings in the suburbs are dropping, but the City’s surge is propping up total levels.

Toronto Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

Source: TREB, Better Dwelling.

New listings coming in flat and sales rising substantially, took out a lot of inventory. TREB reported 10,863 active listings in September, down 9.79% from last year. The City of Toronto represents 2,272 of those sales, down 1.94% from last year. The rise in new listings in the City helped to prevent inventory levels from dropping too much.

Toronto Active Detached Listings

The total number of detached listings available.

Source: TREB, Better Dwelling.

Detached sales in the 905 are moving a lot faster than sales in the City of Toronto. Prices are growing faster, and inventory is being taken out a rapid pace. Price growth isn’t large enough to think a new buying boom is just around the corner, but it’s no longer in the gutter either.

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