Sure, Toronto’s real estate market might be hot right now, but the ‘905’ region continues to be even hotter, outperforming the 416-area for the number of new listings, and for affordability in September, according to the latest figures from the Toronto Regional Real Estate Board (TRREB).
While 11,083 transactions were recorded in the Greater Toronto Area (GTA) last month, the 905 region accounted for 7,528 of the sales — 3,973 more than in the 416.
When you look at where homes are being sold, there is no question that the 905 is continuing to see a tremendous upswing, with increases across all housing categories in the number of sales — which is understandable given the size of the region compared to the 416-area. The GTA has experienced a lower inventory of homes on the market for some time now, while the 905-area continues to record notable increases in new listings month-over-month.
To put this into perspective, Toronto realtor and chartered accountant, Scott Ingram, says according to the latest StatsCan census information, there were 28% more properties in the 905, which, at the time of the census, accounted for 966,835 residential properties compared to 753,750 in the 416.
In September, detached homes were a hot-ticket item in the 905, with realtors selling 4,398 listings, a year-over-year increase of 63.6%. Townhomes were also in demand, as 1,495 exchanged hands, up 55.7% from the same time last year. There were also 818 condo sales last month, up 32.1% year-over-year, while semi-detached homes accounted for 719 sales, up 55.6% from September 2019.
Those in search of more affordability and housing options should definitely consider looking in the 905, as average prices for all home segments were significantly lower than the current averages throughout the 416, while the number of new listings available is notably higher. In September, the number of new listings in the 905 reached 11,731, a difference of 3,042 from the 416.
Detached homes reached an average of $1,104866, up 16.9% year-over-year; semi-detached homes climbed 14.7% annually to $791,526, while the average price for a townhouse in the 905 is now $716,286, up 12%, and condo apartments are now sitting at an average of $537,354, an 8% increase from the same time last year.
What’s more, the average price for all housing types in the 905 is $931,834, which is $90,217 less than the current average price in the 416.
Looking at the Durham Region alone, the Durham Region Association of REALTORS (DRAR) President Vicki Sweeney reported 1,492 residential transactions in September 2020 — a substantial 56% increase from the same time last year — while the number of new listings in the Durham Region reached 1,873, a slight increase from the 1,839 reported in August. Also of note, the Durham Region continues to see record lows for days on market with an average of 12 days on market reported in September.
“As we enter the fall market, we are continuing to see an active housing market in Durham Region. The average price in Durham reached $734,038 in September a significant 20% increase from September 2019,” said Sweeney.
“Extremely low borrowing costs and pent-up demand from the early spring shutdown, has resulted in substantial year-over-year increases in Durham’s housing market. Further improvements in the economy will continue to support strong home sales moving forward. It is important to note, the demand for housing remains strong and increased housing supply is imperative,” said Sweeney.