Real Estate News

Toronto house-price slump ends with September rise

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Graeme Roy/Canadian Press

Greater Toronto home prices jumped in September as buyers appeared to put an end to a slump that began in the spring with government measures to cool a scorching real-estate market.

The Toronto Real Estate Board (TREB) said the average GTA home sold for $775,546 in September, up 5.9 percent from August's average of $732,292.

Prices were up 2.6 percent compared with September last year but remain 15.8-percent lower than they were at the market's peak in April before the downturn began.

The market recovery last month was driven primarily by buoyant sales of detached houses in the city of Toronto, where average prices climbed 13.8 per cent in September compared with August. The average detached house sold for $1,355,234 in Toronto in September, still well less than the peak price of $1,578,542 recorded in April.

Continue to read on.The Globe and Mail

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