House price in Toronto

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The housing market in Canada has undergone significant changes in recent years. There are various factors that influence housing prices and the volume of real estate transactions in Canada. Understanding these factors can help you find the most suitable property within your budget. Another important aspect regarding property prices in Canada is the value of homes in different cities and provinces. Toronto, Vancouver, and Montreal are among the most popular cities in Canada. As a result, many people purchase properties in these cities each year, leading to an increased demand for real estate and, consequently, higher property prices. Therefore, it is expected that housing prices in Toronto, as an industrial city, will differ significantly from other Canadian cities. In the following sections, we will examine the current housing prices and transaction volumes and compare them across different provinces.

Note: Data sourced from the Canadian Real Estate Association (CREA)

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قیمت مسکن در تورنتو

British Columbia

Average Sold Price
May 2024: $1,001,736
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April 2024, $1,006,248
May 2023, $1,017,310

ALBERTA

Average Sold Price
May 2024: $507,706
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April 2024, $499,505
May 2023, $470,037

SASKATCHEWAN

Average Sold Price
May 2024: $328,029
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April 2024, $324,474
May 2023, $315,300

MONITOBA

Average Sold Price
May 2024: $371,224
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April 2024, $382,658
May 2023, $358,391

ONTARIO

Average Sold Price
May 2024: $890,634
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April 2024, $900,161
May 2023, $924,908

QUEBEC

Average Sold Price
May 2024: $502,994
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April 2024, $498,124
May 2023, $481,926

NEWFOUNDLAND AND LABRADOR

Average Sold Price
May 2024: $306,184
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April 2024, $604,570
May 2023, $271,953

Housing in Toronto

In general, several factors influence the volume of transactions and housing prices in Toronto. These factors include the type of house, the desired area, neighborhood amenities, house size, season of purchase, population density, and more, all of which can determine the final price of housing in the city. Additionally, inflation and the valuation of the dollar, government policies, and certain external factors can indirectly impact housing prices in Toronto.

If you are planning to buy a house in Toronto, it is advisable to first get a general overview of the average housing prices in the city. Since the population in Toronto is higher than in other Canadian cities, the demand for housing is also significantly high. This increased demand contributes to the rise in housing prices in the city. According to official housing statistics in Canada, property prices in Toronto saw substantial monthly growth in 2023.

Note: Data sourced from the Canadian Real Estate Association (CREA)

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Trend of Housing Price Changes in Toronto

Toronto is recognized as one of the most advanced and important cities in Canada, which is why the city’s development is growing at a high rate. This significantly impacts housing prices in Toronto. Due to the city’s increasing popularity, the Toronto housing market has faced inflated prices. Consequently, after 2021, housing prices in this city have seen a growth of over 40%. It is important to note that this trend may also contribute to the increase in your property’s value in the coming years.

Real Estate Transactions in Toronto

Overall, Toronto is considered one of the most populous cities in Canada. As a result, it has a higher number of housing applicants compared to other Canadian cities. However, if you intend to buy a house in Canada, it is advisable to get a relative estimate of housing prices in different cities. For example, Vancouver has better weather compared to Toronto, but typically, house prices in Vancouver are more reasonable than in Toronto. On the other hand, houses in Montreal sell for half the price of those in Toronto.

The most important indicator for assessing the housing market is the Total Residential Transactions. This statistic represents the total number of residential units bought and sold within a specific period (usually monthly, quarterly, or annually). This measure, which includes single-family home sales, apartment sales, townhouse sales, and other residential property sales, gauges the overall activity of the housing market.

High levels of Total Residential Transactions indicate a thriving market, while low levels suggest a stagnant market. An increase in this indicator may reflect growing demand for home purchases, and in competitive markets, it can lead to rising prices.

Total New Listings

The number of newly listed homes (Total New Listings) is one of the key indicators in the real estate market, showing the number of homes that are listed for sale for the first time within a specific period (usually one month).

An increase in Total New Listings can indicate growing seller confidence in the market. In other words, it may reflect an increase in the construction of new homes. In hot markets with high demand, an increase in Total New Listings can lead to price reductions as competition among sellers increases. Conversely, in cold markets with low demand, a decrease in Total New Listings can lead to price increases as fewer homes are available for purchase.

Generally, during economic booms, people tend to have more money to buy homes, leading to an increase in Total New Listings. Additionally, high-interest rates can reduce demand for home purchases, resulting in a decrease in Total New Listings. In areas with land and housing constraints, Total New Listings may be lower, even in hot markets.

The main difference between this metric and Total Residential Transactions is that Total New Listings show the number of homes listed for sale in a specific period, regardless of whether they are sold. In contrast, Total Residential Transactions consider the number of properties that have been sold.

Sales-to-New Listings Ratio

One of the important metrics in the real estate market that illustrates the relationship between the number of homes sold and the number of newly listed homes within a specific period (typically one month) is the Sales-to-New Listings Ratio (SNLR). SNLR is calculated by dividing the number of homes sold in a specific period by the number of new listings added during the same period, and then multiplying by 100.

A high SNLR (above 60%) indicates high demand for homes and low supply. In such conditions, prices tend to increase, and homes sell quickly. An SNLR above 60 indicates a seller’s market, while below 40 indicates a buyer’s market. Between these two extremes, the market is considered balanced. A lower SNLR suggests that there is a surplus of listings relative to demand, which can potentially lead to lower prices. This metric can help buyers in timing their home purchases appropriately. For example, if the SNLR is high, buyers may consider delaying their purchase to encounter less competition.

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