Toronto Detached Real Estate Inventory Rises Over 230% via Better Dwelling
Toronto’s detached real estate was notoriously scarce this time last year. Numbers from the Toronto Real Estate Board (TREB) show that’s not the case anymore. Detached prices slid for a 7th month in a row, as sales continued to decline, and inventory soars.
Toronto Detached Real Estate Prices Are Just 2.33% Higher Than Last Year
First, let’s look at the benchmark detached, which is the price of a typical detached home. TREB reported a benchmark price of $909,300 for detached homes, a 2.33% increase compared to the same month last year. The benchmark in the City of Toronto proper is now $1,085,100, a 1.77% increase compared to last year. For a little context, the Consumer Price Index in the City of Toronto was most recently reported at 2.2%. This means detached homes are barely above the most common measure of inflation, and below in the City of Toronto. Long-term buyers would average this out with gains they’ve made, short-term flippers are screwed.