Home sales continue to dive in Toronto

Home sales dropped significantly in Toronto last month, but the price of condos is still rising, according to the newest report from the Toronto Real Estate Board.

In year-over-year numbers, overall home sales fell a whopping 35 percent, but condo prices rose by more than 20 percent. The number of listings available also increased by 9.4 percent.

The average price of a home has inched up since August, rising 2.6 percent to $775,546. This is still well off its highest peak, which came in April when the average price of a Toronto area home hit $918,285.

TREB President, Jim Syrianos, says the heightened number of listings could suggest homeowners believe buyers are entering the market as autumn begins.

Jason Mercer, director of market analysis with the TREB, added that a trend towards condos was evident, given the results of a poll earlier this year. This may tell us why condo prices are rising.

The price of detached houses has remained relatively stable since September 2016. The average detached home in the GTA is selling for around $1,015,067. As you move into City of Toronto proper, that number rises to $1,355,234, again not a significant change from last year.

TREB expects buyers to enter the market and start purchasing new homes as supply increases.

"As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace,” Syrianos says.

So if you're looking to buy a home, now may be the time. Supply is up, and prices seem relatively stable outside of the condo market.