The average selling price of a detached home in Toronto is approaching $1.8 million. This is a record high for detached homes in the city.

The Toronto Regional Real Estate Board (TRREB) reports an average selling price of a detached home in the 416 area in September reached a record high of $1,778,928. This marked a 19% increase from the previous year's average.

In the 416, the average selling price of a semi-detached home in August rose by 7% compared to the same period a year ago. Then, in the 905 regions, the average selling price of detached homes reached a record high of $1,451,471. This marks a 31.8% year-over-year increase.

The number of sales in September was down 18% from the previous month. New listings also dwindled 34% from this same time last year. TRREB notes that higher home prices could be the result of a low supply of available homes. Despite the numbers, the demand for homes has remained robust throughout September, with many qualified buyers wanting to purchase a home before the end of the year.

TRREB President, Kevin Crigger, shared in a recent statement, “Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property.” He then dismissed any notion of cooling the housing market that didn't include building more houses. In the same statement, he mentions, “The lack of housing supply and choice has reached a critical juncture. Band-Aid policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution.”

John DiMichele, the CEO of TRREB, said that the political climate in Toronto would impact the market. Most of the work to improve the market will need to occur at the provincial and local levels.