The lack of supply may be supporting home prices that fell 4.3 per cent annually last month, says real estate board
A 20-year low in new home listings last month is buoying Toronto area home prices, which in September, rose slightly month-over-month to $1.09 million. It was the second consecutive monthly price increase, but on a year-over-year basis the average house and condo price dipped 4.3 per cent.
Even amid concerns about higher interest rates and inflation, that lack of supply could be supporting a higher average selling price, said real estate board officials. “In central Toronto you’re seeing neighbourhoods that have always been in very high demand are having low levels of inventory,” said real estate board president Kevin Crigger.The biggest price declines continue to be in detached houses that sold for an average of about $1.37 million in September — 10.2 per cent lower than at the same time last year.
Although September sales dipped from 5,627 in August, transactions were up slightly from 4,912 sales in July. “We are going into the fall market which tends to be the more active period,” said real estate board president Kevin Crigger.
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