Toronto’s real estate market fractured in October as buyers favoured suburban neighbourhoods and detached homes while sellers wanted out of downtown condos.
There is a supply-demand disconnect in the real estate market in Toronto, says Freddy Mak, co-founder Ferrow Real Estate Inc. Condos are in flush supply — but the demand is for detached housing.
“People want suburbia. They want that detached single home — or even townhome, semi-detached,“ said Mak. ”And that inventory is very, very limited.“
These diverging markets — one where buyers bid up prices for spacious homes at a record-setting sales pace, and another where buyers have their choice of downtown condos — shone through in a Wednesday report from the Toronto Regional Real Estate Board.
The average selling price for homes across the Greater Toronto Area was $968,318 in October, 13.7 per cent higher than last October’s average of $851,877, the board said. But price-wise,