Toronto real estate market in ‘alarming’ position as home prices spike by 13%

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Home prices continue to rise in Toronto across every sector of the market as demand mounts, supply levels dwindle, and new listings drop by a whopping 43 per cent to reach their lowest point in 10 years.

New figures released Friday from the Toronto Regional Real Estate Board (TRREB) show that market conditions grew tighter in August, pushing the average price for all home types combined up 12.6 per cent, year-over-year, to reach $1,070,911.

Prices for detached homes in the 905 region saw the highest spike in prices on a yearly basis, rising 25.6 per cent between August of 2021 and August of 2021 to reach a new average of $1,365,973.

While sales figures were down for the fourth month in a row, TRREB actually reported the third-highest sales result on record for August.

“While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of…

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