Toronto detached homes are seeing a decline in demand, almost as quickly as it rose last year. The Toronto Real Estate Board (TREB) numbers for February show falling prices. The price movement is expected, as higher inventory levels meet declining sales.
BENCHMARK PRICES VARY FROM A 9% GAIN, TO DECLINES OVER 10%
The prices of a detached home is lower across Toronto. The benchmark price fell to $915,300 across TREB in February, a 2.06% decline from last year. Detached homes in the City of Toronto saw the benchmark fall to $1,090,000, a 1.51% decline from last year. Prices in the suburbs are most definitely falling faster than those in the city.
In terms of the city, the benchmark across the City of Toronto is showing HUGE swings. Central downtown Toronto is seeing the highest increase in prices. The benchmark detached price reached $1,075,800; a 9.49% increase from last year. However, the Steeles-L'Amoreaux region is falling the most. The benchmark detached reached $888,500, a 10.31% decline compared to last year. Swings are likely a sign of price discovery, as the market attempts to figure out where prices should be.
For those who are skeptical of the benchmark, there's the median price. It's a more commonly used indicator across the world.The median sale price of a detached house fell to $841,000 across TREB, a 13.74% decline from last year.
The average price also saw huge declines across the board. All TREB regions saw an average sale price of $1,000,736 , a 17.2% decline from the year before. The city of Toronto had an average sale price of $1,282,240, an 18.6% decline from last year. In the suburbs, the average sale price fell to $911,065, a 178% decline from last year. Average sale prices are helpful for determining the flow of dollar.s
DETACHED SALES ARE DOWN OVER 41%
TREB reported 2,169 sales in February, a 41.71% decline from last year. The City of Toronto saw 524 of these sales, a decline of 33.36% from last year. The suburbs saw sales drop to 1,645 detached units, a 43.3% decline from last year.
DETACHED INVENTORY SOARS OVER 199%
TREB reported 5,556 new detached listings, a rise of 15.15% from last year. The City of Toronto saw 1,134 new detached listings, a modest 2.16% increase from last year. Despite the mild increase, some serious inventory is building up
The increase in new listings, combined with the decline in sales have led to a rise in active listings which are the total available inventory. TREB reported 7,852 active detached listings, a 199.24% increase from last year. The city of Toronto saw 1,453 of these active detached listings, a 121% increase from last year.
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