OTTAWA, Nov 4 (Reuters) - Toronto-area homes sales rose 25.1% in October from the year earlier, the fourth consecutive monthly gain, as strong demand for detached properties outweighed softness in the condominium market.
Total sales of existing homes rose to 10,563 in October, led by sharply higher sales of detached, semi-detached and townhouse properties, the Toronto Regional Real Estate Board said on Wednesday. That helped send the average price in the region 13.7% higher to C$968,318 ($736,252).
Condo sales, meanwhile, were muted as listings more than doubled compared with the previous year but sales only inched up. The average condo selling price rose to C$622,122, up 0.7% from October 2019 and down 2% from September. Condo sales fell 4.5% from September to October.
"Competition between buyers of single-family homes ... remained strong last month and continued to support double-digit annual rates of price growth," TRREB president Lisa Patel said in a statement. "In contrast, condo buyers have benefited from much more choice compared to last year."
Patel noted that stalling economic growth and fewer tourists due to the COVID-19 pandemic had impacted cashflows for many investor owners.
OCTOBER
SEPTEMBER
OCTOBER 2019 YR/YR PCT CHANGE TOTAL SALES
10,563
11,083
8,445
25.1%
AVERAGE PRICE C$968,318
C$960,772
C$851,877
13.7% NEW LISTINGS 17,802
20,420
13,053
36.4% After preliminary seasonal adjustment
OCTOBER
MTH/MTH PCT CHANGE SALES
9,387
-4.0% AVERAGE PRICE C$954,003 0.3% Sales by type of property
OCTOBER
YR/YR PCT CHANGE DETACHED
5,263
33.9% SEMI-DETACHED
1,071
32.1% TOWNHOUSE
1,842
32.6% CONDO APARTMENT
2,260
2.2% Average price by type of property
OCTOBER
YR/YR PCT CHANGE DETACHED
C$1,204,844
14.8% SEMI-DETACHED
C$935,429
9.7% TOWNHOUSE
C$747,951
10.5% CONDO APARTMENT
C$622,122
0.7% ($1 = 1.3261 Canadian dollars)