The average price of a home in the Greater Toronto Area is now $830K
Home prices just keep going up, Toronto. It seems the average price of a house in the city is now a whopping $832,703.
The report aims to determine the top buyers’ and sellers’ markets across Canada.
In order to do this, Zoocasa calculated the national sales-to-new-listings ratio (SNLR), which is used to measure the level of competition in a housing market and is calculated by dividing the number of sales by the number of new listings, over the course of the month.
A percentage between 40 and 60 per cent means a balanced market, while above and below those percentages indicate sellers’ and buyers’ markets, respectively.
It found that the national SNLR hit 59 per cent last month, up from 56 per cent in the previous year.
It also found that although housing markets vary drastically across the country, none of the markets can currently be considered a classic buyers' market.
Fifteen can be considered a seller's market and 10 can be considered balanced.
The GTA had an SNLR of 56 per cent and is considered to be fairly balanced. Still, a 9.6 per cent increase in sales and a 0.7 per cent decline in new listings brings it fairly close to a sellers' market.
Home prices in the GTA have increased by about 3.1 per cent, which is what brings the average price to $832,703.
Montreal was found to be the hottest seller's market with an SNLR of 94 per cent, while Vancouver had an SNLR of of 43 per cent, which can be considered balanced.
The average price for a home in Montreal is $413,902, which is still fairly low.
The average home price in Vancouver is $980,635, which is actually an 8.2 per cent decrease.
"While the SNLR can shed light on how competitive each market is for buyers, it doesn’t necessarily indicate affordability," said Penelope Graham, Managing Editor of Zoocasa.
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