A tale of two markets as Toronto home sales set record but condo prices flatten

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,

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