Greater Vancouver Detached Real Estate Sales Have Best August Since 2015

Greater Vancouver Detached Real Estate Sales Have Best August Since 2015

Greater Vancouver detached real estate sales are still enjoying the delayed spring rush this summer. Real Estate Board of Greater Vancouver (REBGV) data shows detached sales had the biggest August since 2015. Prices are also seeing growth accelerate as well, but higher inventory levels mean it’s nowhere near as tight as half a decade ago.

Greater Vancouver Detached Real Estate Prices Rise Over 6%

The price of a detached home in Greater Vancouver has gotten a boost during the pandemic. REBGV’s detached benchmark reached $1,491,300 in August, up 6.6% from the same month last year. In the City, prices in Vancouver East hit $1,502,700, up 10.1% from last year. In Vancouver West, the benchmark reached $3,084,600, up 5.6% from last year. The increase marks the fastest price growth in years for detached homes.

Greater Vancouver Detached Benchmark Price

The price of a typical detached home across the Greater Vancouver Real Estate Board, in Canadian dollars.

Canadian DollarsJan 2005Jun 2005Nov 2005Apr 2006Sep 2006Feb 2007Jul 2007Dec 2007May 2008Oct 2008Mar 2009Aug 2009Jan 2010Jun 2010Nov 2010Apr 2011Sep 2011Feb 2012Jul 2012Dec 2012May 2013Oct 2013Mar 2014Aug 2014Jan 2015Jun 2015Nov 2015Apr 2016Sep 2016Feb 2017Jul 2017Dec 2017May 2018Oct 2018Mar 2019Aug 2019Jan 2020Jun 2020$0$200,000$400,000$600,000$800,000$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000Canadian Dollars
MonthCanadian Dollars
Jan 2005 545,100
Feb 2005 547,800
Mar 2005 550,000
Apr 2005 552,800
May 2005 559,300
Jun 2005 565,800
Jul 2005 573,500
Aug 2005 581,100
Sep 2005 588,700
Oct 2005 592,500
Nov 2005 596,900
Dec 2005 601,300
Jan 2006 613,300
Feb 2006 625,300
Mar 2006 637,800
Apr 2006 649,800
May 2006 662,300
Jun 2006 674,900
Jul 2006 678,700
Aug 2006 683,000
Sep 2006 686,900
Oct 2006 686,900
Nov 2006 687,400
Dec 2006 687,400
Jan 2007 696,100
Feb 2007 705,400
Mar 2007 714,100
Apr 2007 726,100
May 2007 737,600
Jun 2007 749,500
Jul 2007 755,000
Aug 2007 760,400
Sep 2007 765,400
Oct 2007 768,100
Nov 2007 770,300
Dec 2007 773,000
Jan 2008 781,700
Feb 2008 791,000
Mar 2008 800,200
Apr 2008 803,000
May 2008 805,700
Jun 2008 808,400
Jul 2008 795,300
Aug 2008 782,300
Sep 2008 769,700
Oct 2008 748,500
Nov 2008 728,300
Dec 2008 708,100
Jan 2009 702,700
Feb 2009 697,200
Mar 2009 692,300
Apr 2009 701,600
May 2009 710,800
Jun 2009 720,700
Jul 2009 734,800
Aug 2009 749,000
Sep 2009 764,300
Oct 2009 774,100
Nov 2009 784,400
Dec 2009 794,800
Jan 2010 807,300
Feb 2010 819,900
Mar 2010 835,700
Apr 2010 843,300
May 2010 845,500
Jun 2010 841,700
Jul 2010 835,700
Aug 2010 830,200
Sep 2010 827,500
Oct 2010 825,900
Nov 2010 830,800
Dec 2010 829,700
Jan 2011 847,700
Feb 2011 860,800
Mar 2011 880,900
Apr 2011 913,100
May 2011 928,900
Jun 2011 938,200
Jul 2011 945,200
Aug 2011 946,300
Sep 2011 945,800
Oct 2011 945,800
Nov 2011 942,500
Dec 2011 935,400
Jan 2012 935,400
Feb 2012 949,100
Mar 2012 961,100
Apr 2012 970,900
May 2012 973,600
Jun 2012 965,400
Jul 2012 954,500
Aug 2012 946,300
Sep 2012 940,900
Oct 2012 933,800
Nov 2012 920,200
Dec 2012 908,700
Jan 2013 906,000
Feb 2013 907,100
Mar 2013 912,000
Apr 2013 918,000
May 2013 921,300
Jun 2013 924,500
Jul 2013 925,600
Aug 2013 928,900
Sep 2013 927,800
Oct 2013 928,300
Nov 2013 930,000
Dec 2013 932,700
Jan 2014 936,000
Feb 2014 942,500
Mar 2014 954,500
Apr 2014 964,300
May 2014 973,600
Jun 2014 984,500
Jul 2014 988,300
Aug 2014 989,900
Sep 2014 995,900
Oct 2014 1,002,500
Nov 2014 1,005,800
Dec 2014 1,009,600
Jan 2015 1,018,300
Feb 2015 1,035,200
Mar 2015 1,061,400
Apr 2015 1,085,300
May 2015 1,112,600
Jun 2015 1,132,800
Jul 2015 1,152,400
Aug 2015 1,170,900
Sep 2015 1,190,600
Oct 2015 1,207,400
Nov 2015 1,236,900
Dec 2015 1,258,100
Jan 2016 1,284,900
Feb 2016 1,321,900
Mar 2016 1,361,200
Apr 2016 1,419,500
May 2016 1,523,100
Jun 2016 1,568,900
Jul 2016 1,585,200
Aug 2016 1,581,900
Sep 2016 1,575,400
Oct 2016 1,550,300
Nov 2016 1,519,300
Dec 2016 1,488,700
Jan 2017 1,479,500
Feb 2017 1,480,600
Mar 2017 1,499,100
Apr 2017 1,530,700
May 2017 1,572,100
Jun 2017 1,590,700
Jul 2017 1,613,000
Aug 2017 1,614,700
Sep 2017 1,616,300
Oct 2017 1,609,800
Nov 2017 1,606,500
Dec 2017 1,604,800
Jan 2018 1,603,200
Feb 2018 1,606,500
Mar 2018 1,611,900
Apr 2018 1,607,600
May 2018 1,608,100
Jun 2018 1,599,400
Jul 2018 1,585,800
Aug 2018 1,560,700
Sep 2018 1,541,100
Oct 2018 1,528,500
Nov 2018 1,506,700
Dec 2018 1,486,000
Jan 2019 1,458,800
Feb 2019 1,448,400
Mar 2019 1,445,100
Apr 2019 1,433,700
May 2019 1,426,600
Jun 2019 1,423,500
Jul 2019 1,417,000
Aug 2019 1,406,700
Sep 2019 1,406,200
Oct 2019 1,415,400
Nov 2019 1,415,400
Dec 2019 1,423,500
Jan 2020 1,431,200
Feb 2020 1,433,900
Mar 2020 1,450,700
Apr 2020 1,462,100
May 2020 1,456,700
Jun 2020 1,464,200
Jul 2020 1,477,800
Aug 2020 1,491,300
 
Source: REBGV, Better Dwelling.

Greater Vancouver detached prices are rising rapidly, but are still down from just a few years ago. All three of the above regions have seen the rate of growth accelerate, and REBGV is growing at the fastest pace since 2018. However, REBGV data shows prices are still down 6.5% from just three years ago. In the City, Vancouver East is down 3.1% and Vancouver West is down 15.7%  from three years ago.

Greater Vancouver Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Greater Vancouver Real Estate Board.

ChangeJan 2006Jun 2006Nov 2006Apr 2007Sep 2007Feb 2008Jul 2008Dec 2008May 2009Oct 2009Mar 2010Aug 2010Jan 2011Jun 2011Nov 2011Apr 2012Sep 2012Feb 2013Jul 2013Dec 2013May 2014Oct 2014Mar 2015Aug 2015Jan 2016Jun 2016Nov 2016Apr 2017Sep 2017Feb 2018Jul 2018Dec 2018May 2019Oct 2019Mar 2020Aug 2020-20-10010203040Percent
MonthChange
Jan 2006 12.51
Feb 2006 14.15
Mar 2006 15.96
Apr 2006 17.55
May 2006 18.42
Jun 2006 19.28
Jul 2006 18.34
Aug 2006 17.54
Sep 2006 16.68
Oct 2006 15.93
Nov 2006 15.16
Dec 2006 14.32
Jan 2007 13.5
Feb 2007 12.81
Mar 2007 11.96
Apr 2007 11.74
May 2007 11.37
Jun 2007 11.05
Jul 2007 11.24
Aug 2007 11.33
Sep 2007 11.43
Oct 2007 11.82
Nov 2007 12.06
Dec 2007 12.45
Jan 2008 12.3
Feb 2008 12.13
Mar 2008 12.06
Apr 2008 10.59
May 2008 9.23
Jun 2008 7.86
Jul 2008 5.34
Aug 2008 2.88
Sep 2008 0.56
Oct 2008 -2.55
Nov 2008 -5.45
Dec 2008 -8.4
Jan 2009 -10.11
Feb 2009 -11.86
Mar 2009 -13.48
Apr 2009 -12.63
May 2009 -11.78
Jun 2009 -10.85
Jul 2009 -7.61
Aug 2009 -4.26
Sep 2009 -0.7
Oct 2009 3.42
Nov 2009 7.7
Dec 2009 12.24
Jan 2010 14.89
Feb 2010 17.6
Mar 2010 20.71
Apr 2010 20.2
May 2010 18.95
Jun 2010 16.79
Jul 2010 13.73
Aug 2010 10.84
Sep 2010 8.27
Oct 2010 6.69
Nov 2010 5.92
Dec 2010 4.39
Jan 2011 5
Feb 2011 4.99
Mar 2011 5.41
Apr 2011 8.28
May 2011 9.86
Jun 2011 11.46
Jul 2011 13.1
Aug 2011 13.98
Sep 2011 14.3
Oct 2011 14.52
Nov 2011 13.44
Dec 2011 12.74
Jan 2012 10.35
Feb 2012 10.26
Mar 2012 9.1
Apr 2012 6.33
May 2012 4.81
Jun 2012 2.9
Jul 2012 0.98
Aug 2012 0
Sep 2012 -0.52
Oct 2012 -1.27
Nov 2012 -2.37
Dec 2012 -2.85
Jan 2013 -3.14
Feb 2013 -4.43
Mar 2013 -5.11
Apr 2013 -5.45
May 2013 -5.37
Jun 2013 -4.24
Jul 2013 -3.03
Aug 2013 -1.84
Sep 2013 -1.39
Oct 2013 -0.59
Nov 2013 1.06
Dec 2013 2.64
Jan 2014 3.31
Feb 2014 3.9
Mar 2014 4.66
Apr 2014 5.04
May 2014 5.68
Jun 2014 6.49
Jul 2014 6.77
Aug 2014 6.57
Sep 2014 7.34
Oct 2014 7.99
Nov 2014 8.15
Dec 2014 8.24
Jan 2015 8.79
Feb 2015 9.84
Mar 2015 11.2
Apr 2015 12.55
May 2015 14.28
Jun 2015 15.06
Jul 2015 16.6
Aug 2015 18.28
Sep 2015 19.55
Oct 2015 20.44
Nov 2015 22.98
Dec 2015 24.61
Jan 2016 26.18
Feb 2016 27.7
Mar 2016 28.25
Apr 2016 30.79
May 2016 36.9
Jun 2016 38.5
Jul 2016 37.56
Aug 2016 35.1
Sep 2016 32.32
Oct 2016 28.4
Nov 2016 22.83
Dec 2016 18.33
Jan 2017 15.15
Feb 2017 12.01
Mar 2017 10.13
Apr 2017 7.83
May 2017 3.22
Jun 2017 1.39
Jul 2017 1.75
Aug 2017 2.07
Sep 2017 2.6
Oct 2017 3.84
Nov 2017 5.74
Dec 2017 7.8
Jan 2018 8.36
Feb 2018 8.5
Mar 2018 7.52
Apr 2018 5.02
May 2018 2.29
Jun 2018 0.55
Jul 2018 -1.69
Aug 2018 -3.34
Sep 2018 -4.65
Oct 2018 -5.05
Nov 2018 -6.21
Dec 2018 -7.4
Jan 2019 -9.01
Feb 2019 -9.84
Mar 2019 -10.35
Apr 2019 -10.82
May 2019 -11.29
Jun 2019 -10.9
Jul 2019 -10.5
Aug 2019 -9.8
Sep 2019 -8.6
Oct 2019 -7.5
Nov 2019 -5.8
Dec 2019 -4
Jan 2020 -1.7
Feb 2020 -0.7
Mar 2020 0.7
Apr 2020 2.3
May 2020 2.9
Jun 2020 3.6
Jul 2020 5
Aug 2020 6.6
 
Source: REBGV, Better Dwelling.

Detached  Sales Had The Biggest August Since 2015

Greater Vancouver detached sales had the best August in years. REBGV reported 1,095 detached sales in August, down 2.3% from the month before. The increase works out to 55.1% higher than the same month last year. That makes this past August the busiest for detached sales since 2015. 

Greater Vancouver Detached August Sales

The number of detached homes sold in the month of August, across Greater Vancouver.

Sales20092010201120122013201420152016201720182019202002004006008001,0001,2001,4001,600Detached Units
YearSales
2009 1,367
2010 893
2011 1,020
2012 624
2013 1,018
2014 1,158
2015 1,494
2016 715
2017 901
2018 567
2019 706
2020 1,095
 
Source: REBGV, Better Dwelling.

New Inventory Is Hitting The Market Very Quickly As Well

Like most markets and segments, Greater Vancouver is seeing a significant increase in sellers hitting the market. REBGV reported 1,837 new listings in August, down 3.57% from the month before. This works out to an increase of 41.85% from the same month last year. Despite the flood of new listings, it was lower than the rise in sales, pushing total inventory levels lower.

Greater Vancouver Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

SalesListingsDec 2015Feb 2016Apr 2016Jun 2016Aug 2016Oct 2016Dec 2016Feb 2017Apr 2017Jun 2017Aug 2017Oct 2017Dec 2017Feb 2018Apr 2018Jun 2018Aug 2018Oct 2018Dec 2018Feb 2019Apr 2019Jun 2019Aug 2019Oct 2019Dec 2019Feb 2020Apr 2020Jun 2020Aug 202005001,0001,5002,0002,5003,000Detached Units
MonthSalesListings
Dec 2015 1,136 830
Jan 2016 1,047 1,929
Feb 2016 1,778 2,811
Mar 2016 2,135 2,931
Apr 2016 1,979 2,883
May 2016 1,865 2,915
Jun 2016 1,920 2,618
Jul 2016 1,077 2,386
Aug 2016 715 1,814
Sep 2016 666 2,147
Oct 2016 652 1,596
Nov 2016 638 1,205
Dec 2016 541 513
Jan 2017 444 1,915
Feb 2017 741 1,430
Mar 2017 1,150 1,924
Apr 2017 1,204 2,091
May 2017 1,548 2,657
Jun 2017 1,312 2,647
Jul 2017 936 2,201
Aug 2017 893 1,737
Sep 2017 842 2,379
Oct 2017 934 1,829
Nov 2017 832 1,575
Dec 2017 616 675
Jan 2018 486 1,667
Feb 2018 620 1,806
Mar 2018 717 1,800
Apr 2018 807 2,479
May 2018 926 2,605
Jun 2018 766 2,114
Jul 2018 637 1,723
Aug 2018 567 1,463
Sep 2018 502 1,974
Oct 2018 634 1,700
Nov 2018 516 1,190
Dec 2018 347 536
Jan 2019 339 1,843
Feb 2019 448 1,396
Mar 2019 529 1,798
Apr 2019 586 2,085
May 2019 906 2,198
Jun 2019 763 1,735
Jul 2019 841 1,583
Aug 2019 706 1,295
Sep 2019 745 1,702
Oct 2019 934 1,392
Nov 2019 825 1,055
Dec 2019 599 522
Jan 2020 435 1,328
Feb 2020 682 1,312
Mar 2020 529 1,499
Apr 2020 386 730
May 2020 534 1,208
Jun 2020 866 1,916
Jul 2020 1,121 1,905
Aug 2020 1,095 1,837
 
Source: REBGV, Better Dwelling.

Active listings, or total inventory, for detached homes is significantly lower this year. REBGV reported 4,614 active listings for detached homes in August, up 3.45% from a month before. This number is still 21.84% lower than the same month last year though. While that makes the market tighter, it’s nowhere as tight as it was back in 2015 when sales were last this high. 

Greater Vancouver detached real estate prices have been rising at the fastest pace in years. They aren’t quite back to where they were a few years ago, but price growth is undeniably accelerating. New listings are also rising quickly though, making it a very different market. Sales are the highest since 2015, but the level of inventory is nowhere as low as it was back then. 

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TORONTO

Toronto Detached Prices Rise At The Fastest Pace Since 2017

Greater Toronto real estate has seen sales surge, and the detached market is leading the way. Toronto Regional Real Estate Board (TRREB) data shows detached sales nearly reached a record high in August. Most of the activity surge has been in the 905 suburbs, but the City’s buyers don’t seem to have noticed. The City is seeing prices rise at the same rate, despite the market not being nearly as tight as in the suburbs.

Greater Toronto Detached Prices Rise Over 11%

The price of a typical detached home is soaring, and it doesn’t really matter where in Greater Toronto. TRREB’s detached benchmark reached $1,054,300 in August, up 11.79% from the same month last year. The City of Toronto benchmark reached $1,267,200, up a relatively similar 11.85% from last year. Both numbers aren’t just very high, they’re growing at a much faster rate than when the economy was doing “well.” 

Toronto Detached Benchmark Price

The price of a typical detached home across the Toronto Real Estate Board, in Canadian dollars.

TREBCity of TorontoJan 2014Apr 2014Jul 2014Oct 2014Jan 2015Apr 2015Jul 2015Oct 2015Jan 2016Apr 2016Jul 2016Oct 2016Jan 2017Apr 2017Jul 2017Oct 2017Jan 2018Apr 2018Jul 2018Oct 2018Jan 2019Apr 2019Jul 2019Oct 2019Jan 2020Apr 2020Jul 2020$0$200,000$400,000$600,000$800,000$1,000,000$1,200,000$1,400,000Canadian Dollars
MonthTREBCity of Toronto
Jan 2014 594,600 730,000
Feb 2014 601,300 737,800
Mar 2014 609,800 750,000
Apr 2014 617,300 759,500
May 2014 622,800 768,600
Jun 2014 628,800 773,800
Jul 2014 631,400 774,700
Aug 2014 631,000 770,800
Sep 2014 632,100 769,100
Oct 2014 637,300 774,300
Nov 2014 640,300 782,100
Dec 2014 642,900 785,100
Jan 2015 645,200 787,300
Feb 2015 654,900 794,300
Mar 2015 666,800 808,100
Apr 2015 678,300 823,300
May 2015 687,600 834,200
Jun 2015 695,400 838,900
Jul 2015 700,600 843,300
Aug 2015 704,400 845,000
Sep 2015 708,100 852,800
Oct 2015 712,200 855,800
Nov 2015 714,800 859,700
Dec 2015 717,800 864,100
Jan 2016 728,900 876,300
Feb 2016 739,000 878,000
Mar 2016 754,200 897,600
Apr 2016 776,900 924,000
May 2016 808,600 961,300
Jun 2016 826,400 982,100
Jul 2016 836,900 988,600
Aug 2016 845,000 991,200
Sep 2016 855,500 999,900
Oct 2016 872,600 1,020,300
Nov 2016 878,900 1,031,500
Dec 2016 885,600 1,038,900
Jan 2017 907,100 1,076,300
Feb 2017 936,600 1,105,700
Mar 2017 992,700 1,171,900
Apr 2017 1,042,100 1,226,300
May 2017 1,049,500 1,228,500
Jun 2017 1,027,200 1,205,400
Jul 2017 963,900 1,146,100
Aug 2017 936,100 1,100,100
Sep 2017 930,500 1,093,900
Oct 2017 921,200 1,088,200
Nov 2017 915,600 1,088,200
Dec 2017 909,300 1,085,100
Jan 2018 907,100 1,080,800
Feb 2018 915,300 1,090,000
Mar 2018 924,900 1,100,500
Apr 2018 927,800 1,109,700
May 2018 934,100 1,123,800
Jun 2018 931,600 1,119,400
Jul 2018 923,800 1,112,800
Aug 2018 914,900 1,100,500
Sep 2018 914,200 1,105,300
Oct 2018 914,500 1,109,300
Nov 2018 910,100 1,111,000
Dec 2018 907,900 1,097,400
Jan 2019 903,800 1,089,100
Feb 2019 907,200 1,096,100
Mar 2019 923,000 1,120,200
Apr 2019 934,500 1,131,700
May 2019 939,300 1,136,000
Jun 2019 942,200 1,135,200
Jul 2019 943,300 1,134,300
Aug 2019 943,000 1,133,000
Sep 2019 946,700 1,135,600
Oct 2019 952,200 1,144,800
Nov 2019 956,600 1,152,700
Dec 2019 961,100 1,157,100
Jan 2020 970,700 1,163,300
Feb 2020 991,000 1,184,800
Mar 2020 1,011,300 1,209,800
Apr 2020 1,013,900 1,221,200
May 2020 1,010,400 1,222,000
Jun 2020 1,005,600 1,201,900
Jul 2020 1,036,600 1,251,000
Aug 2020 1,054,300 1,267,200
 
Source: TREB, Better Dwelling.

The benchmark price of a detached home is growing at the fastest rate in years. Both TRREB and the City of Toronto’s benchmarks are growing at a similar pace. This is the highest rate of growth since 2017, when the market actually saw new restrictions to contain price growth.

Toronto Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Toronto Real Estate Board.

TREBCity of TorontoJan 2015Mar 2015May 2015Jul 2015Sep 2015Nov 2015Jan 2016Mar 2016May 2016Jul 2016Sep 2016Nov 2016Jan 2017Mar 2017May 2017Jul 2017Sep 2017Nov 2017Jan 2018Mar 2018May 2018Jul 2018Sep 2018Nov 2018Jan 2019Mar 2019May 2019Jul 2019Sep 2019Nov 2019Jan 2020Mar 2020May 2020Jul 2020-20-10010203040Percent
MonthTREBCity of Toronto
Jan 2015 8.51 7.85
Feb 2015 8.91 7.66
Mar 2015 9.35 7.75
Apr 2015 9.88 8.4
May 2015 10.4 8.53
Jun 2015 10.59 8.41
Jul 2015 10.96 8.86
Aug 2015 11.63 9.63
Sep 2015 12.02 10.88
Oct 2015 11.75 10.53
Nov 2015 11.64 9.92
Dec 2015 11.65 10.06
Jan 2016 12.97 11.3
Feb 2016 12.84 10.54
Mar 2016 13.11 11.08
Apr 2016 14.54 12.23
May 2016 17.6 15.24
Jun 2016 18.84 17.07
Jul 2016 19.45 17.23
Aug 2016 19.96 17.3
Sep 2016 20.82 17.25
Oct 2016 22.52 19.22
Nov 2016 22.96 19.98
Dec 2016 23.38 20.23
Jan 2017 24.45 22.82
Feb 2017 26.74 25.93
Mar 2017 31.62 30.56
Apr 2017 34.14 32.72
May 2017 29.79 27.8
Jun 2017 24.3 22.74
Jul 2017 15.18 15.93
Aug 2017 10.78 10.99
Sep 2017 8.77 9.4
Oct 2017 5.57 6.65
Nov 2017 4.18 5.5
Dec 2017 2.68 4.45
Jan 2018 0 0.42
Feb 2018 -2.27 -1.42
Mar 2018 -6.83 -6.09
Apr 2018 -10.97 -9.51
May 2018 -11 -8.52
Jun 2018 -9.31 -7.13
Jul 2018 -4.16 -2.91
Aug 2018 -2.26 0.04
Sep 2018 -1.75 1.04
Oct 2018 -0.73 1.94
Nov 2018 -0.28 2.1
Dec 2018 -0.16 1.13
Jan 2019 -0.04 0.77
Feb 2019 -0.57 0.56
Mar 2019 0.08 1.79
Apr 2019 1.04 1.98
May 2019 0.83 1.09
Jun 2019 1.47 1.41
Jul 2019 2.45 1.93
Aug 2019 3.07 2.95
Sep 2019 3.55 2.74
Oct 2019 4.12 3.2
Nov 2019 5.11 3.75
Dec 2019 5.86 5.44
Jan 2020 7.39 6.81
Feb 2020 9.24 8.09
Mar 2020 9.56 7.99
Apr 2020 8.49 7.95
May 2020 7.55 7.57
Jun 2020 6.7 5.88
Jul 2020 9.86 10.29
Aug 2020 11.79 11.85
 
Source: TREB, Better Dwelling.

The median sales price was less, but increased much more than the benchmark price. TRREB’s median sale price increased to $1,010,000 in August, up 18.77% from a year before. The City of Toronto median detached house went fro $1,200,000, up 24.10% from a year before. This means over half of homes in the 905 went for 4% above the benchmark, and more than half in the city went 5% below the benchmark. A bit of an oddity. 

Toronto Detached Average Sale Price

The average sale price of a detached house in the Toronto Real Estate Board.

TREB416905Oct 2015Dec 2015Feb 2016Apr 2016Jun 2016Aug 2016Oct 2016Dec 2016Feb 2017Apr 2017Jun 2017Aug 2017Oct 2017Dec 2017Feb 2018Apr 2018Jun 2018Aug 2018Oct 2018Dec 2018Feb 2019Apr 2019Jun 2019Aug 2019Oct 2019Dec 2019Feb 2020Apr 2020Jun 2020Aug 2020$0$200,000$400,000$600,000$800,000$1,000,000$1,200,000$1,400,000$1,600,000Canadian Dollars
MonthTREB416905
Oct 2015 823,177 1,071,394 734,745
Nov 2015 829,241 1,018,621 762,326
Dec 2015 825,470 1,039,638 747,229
Jan 2016 848,999 1,061,789 783,565
Feb 2016 909,761 1,211,459 816,705
Mar 2016 910,375 1,174,358 837,217
Apr 2016 968,437 1,257,958 881,413
May 2016 986,691 1,285,693 891,870
Jun 2016 979,445 1,259,486 892,747
Jul 2016 952,983 1,202,753 888,565
Aug 2016 964,002 1,206,637 905,610
Sep 2016 1,013,788 1,294,482 928,414
Oct 2016 1,034,077 1,303,339 948,191
Nov 2016 1,058,273 1,345,962 957,517
Dec 2016 1,016,145 1,286,605 934,055
Jan 2017 1,068,670 1,336,640 999,102
Feb 2017 1,205,815 1,573,622 1,106,201
Mar 2017 1,214,422 1,561,780 1,124,088
Apr 2017 1,205,262 1,578,542 1,098,827
May 2017 1,141,041 1,503,868 1,025,893
Jun 2017 1,055,863 1,386,524 948,099
Jul 2017 1,000,336 1,304,288 910,348
Aug 2017 968,494 1,191,052 906,592
Sep 2017 1,015,067 1,355,234 912,921
Oct 2017 1,008,207 1,287,765 910,488
Nov 2017 996,527 1,276,184 898,605
Dec 2017 989,870 1,250,235 910,216
Jan 2018 970,823 1,283,981 879,048
Feb 2018 1,000,736 1,282,240 911,065
Mar 2018 1,005,779 1,293,903 921,515
Apr 2018 1,030,103 1,354,719 929,092
May 2018 1,045,553 1,426,094 929,401
Jun 2018 1,033,574 1,354,429 928,560
Jul 2018 1,004,647 1,350,700 907,347
Aug 2018 977,187 1,244,275 907,780
Sep 2018 1,008,361 1,342,363 905,722
Oct 2018 1,019,416 1,311,265 914,179
Nov 2018 1,008,768 1,301,382 903,517
Dec 2018 945,580 1,145,892 891,095
Jan 2019 941,488 1,174,134 883,027
Feb 2019 980,914 1,294,936 894,147
Mar 2019 984,782 1,267,598 910,624
Apr 2019 1,018,147 1,355,764 914,249
May 2019 1,042,218 1,384,993 925,621
Jun 2019 1,018,987 1,332,639 922,367
Jul 2019 995,043 1,227,301 929,633
Aug 2019 978,920 1,246,392 918,242
Sep 2019 1,050,421 1,360,623 946,256
Oct 2019 1,049,300 1,323,015 952,574
Nov 2019 1,044,138 1,360,246 943,494
Dec 2019 1,052,081 1,363,357 956,792
Jan 2020 1,038,247 1,369,848 957,287
Feb 2020 1,113,918 1,485,304 1,017,573
Mar 2020 1,107,870 1,465,826 1,005,999
Apr 2020 983,630 1,249,730 907,843
May 2020 1,033,341 1,422,273 942,668
Jun 2020 1,127,419 1,523,770 1,027,634
Jul 2020 1,154,356 1,541,003 1,060,318
Aug 2020 1,172,880 1,505,100 1,088,559
 
Source: TREB, Better Dwelling.

The average sale price for detached homes made a similar increase to the median. TRREB’s average sale price reached $1,172,880 in August, up 19.9% from last year. The City of Toronto average increased $1,505,100, up 21.4% from the same month last year. The City’s average is much higher than the benchmark, indicating a rise in luxury sales. 

Toronto Detached Average Sale Price Change

The 12 month percent change of average sale price across across TREB.

12 Month ChangeJan 2016Mar 2016May 2016Jul 2016Sep 2016Nov 2016Jan 2017Mar 2017May 2017Jul 2017Sep 2017Nov 2017Jan 2018Mar 2018May 2018Jul 2018Sep 2018Nov 2018Jan 2019Mar 2019May 2019Jul 2019Sep 2019Nov 2019Jan 2020Mar 2020May 2020Jul 2020-20-10010203040Percent
Month12 Month Change
Jan 2016 18.55
Feb 2016 16.31
Mar 2016 15.62
Apr 2016 18.94
May 2016 18.91
Jun 2016 19.94
Jul 2016 21
Aug 2016 21.7
Sep 2016 23.65
Oct 2016 25.62
Nov 2016 27.62
Dec 2016 23.1
Jan 2017 25.87
Feb 2017 32.54
Mar 2017 33.4
Apr 2017 24.45
May 2017 15.64
Jun 2017 7.8
Jul 2017 4.97
Aug 2017 0.47
Sep 2017 0.13
Oct 2017 -2.5
Nov 2017 -5.8
Dec 2017 -2.59
Jan 2018 -9.1
Feb 2018 -17.2
Mar 2018 -17.1
Apr 2018 -14.4
May 2018 -8.2
Jun 2018 -1.9
Jul 2018 0.5
Aug 2018 1.2
Sep 2018 -0.6
Oct 2018 1
Nov 2018 1.3
Dec 2018 -4.4
Jan 2019 -2.8
Feb 2019 -2.1
Mar 2019 -2.1
Apr 2019 -1.3
May 2019 1.1
Jun 2019 -1.4
Jul 2019 -0.9
Aug 2019 0.3
Sep 2019 4.17
Oct 2019 3
Nov 2019 3.5
Dec 2019 11.6
Jan 2020 10.5
Feb 2020 13.7
Mar 2020 12.5
Apr 2020 -3.5
May 2020 -0.9
Jun 2020 10.8
Jul 2020 16
Aug 2020 19.9
 
Source: TREB, Better Dwelling.

Busiest August For Detached Home Sales Since 2016

Detached homes sales are still enjoying a delayed spring market. TRREB reported 5,429 detached sales in August, up 50.6% from last year. The City of Toronto represented 1,099 of those sales, up 65.3% from last year. This is just a few units under the record set for August in 2016. Once again, the demand shift from spring to summer due to the pandemic means this is a very different reason. However, to current buyers, it feels the same. 

Toronto Detached August Sales

The total number of Greater Toronto detached sales made in the month of August.

Detached Sales200520062007200820092010201120122013201420152016201720182019202005001,0001,5002,0002,5003,0003,5004,0004,500Detached Units
YearDetached Sales
2005 3,546
2006 3,231
2007 3,728
2008 2,841
2009 3,772
2010 2,832
2011 3,489
2012 3,029
2013 3,635
2014 3,551
2015 3,669
2016 4,449
2017 2,578
2018 3,001
2019 3,618
2020 4,445
 
Source: TREB, Better Dwelling.

New Inventory Is Rising Much Faster In The City

The number of new listings failed to keep up in the suburbs, but showed similar growth to sales in the City. TRREB reported 8,301 new listings in August, up 33.54% from the same month last year. The City of Toronto represented 1,862 of those sales, up 63.52% from the same month last year. This means more pressure on  inventory in the suburbs, reflected in the number of active listings. 

Toronto Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

SalesNew ListingsOct 2015Dec 2015Feb 2016Apr 2016Jun 2016Aug 2016Oct 2016Dec 2016Feb 2017Apr 2017Jun 2017Aug 2017Oct 2017Dec 2017Feb 2018Apr 2018Jun 2018Aug 2018Oct 2018Dec 2018Feb 2019Apr 2019Jun 2019Aug 2019Oct 2019Dec 2019Feb 2020Apr 2020Jun 2020Aug 202002,0004,0006,0008,00010,00012,00014,00016,000Detached Units
MonthSalesNew Listings
Oct 2015 4,100 6,299
Nov 2015 3,451 4,153
Dec 2015 2,134 1,980
Jan 2016 2,109 3,822
Feb 2016 3,627 5,165
Mar 2016 4,954 7,029
Apr 2016 6,062 7,805
May 2016 6,500 8,554
Jun 2016 6,307 8,432
Jul 2016 4,653 6,347
Aug 2016 4,449 5,803
Sep 2016 4,708 7,659
Oct 2016 4,499 6,767
Nov 2016 3,890 5,109
Dec 2016 2,259 1,736
Jan 2017 2,261 3,244
Feb 2017 3,721 4,825
Mar 2017 5,887 9,012
Apr 2017 5,715 11,863
May 2017 4,757 14,036
Jun 2017 3,450 10,263
Jul 2017 2,434 6,989
Aug 2017 2,578 5,697
Sep 2017 2,780 9,009
Oct 2017 3,135 7,849
Nov 2017 3,131 7,420
Dec 2017 1,938 3,046
Jan 2018 1,659 4,375
Feb 2018 2,169 5,556
Mar 2018 3,120 8,011
Apr 2018 3,451 8,578
May 2018 3,344 10,208
Jun 2018 3,589 8,417
Jul 2018 3,062 7,088
Aug 2018 3,001 6,167
Sep 2018 2,829 8,727
Oct 2018 3,328 7,606
Nov 2018 2,665 5,367
Dec 2018 1,590 2,090
Jan 2019 1,703 4,862
Feb 2019 2,171 5,053
Mar 2019 3,230 7,364
Apr 2019 4,173 9,360
May 2019 4,649 10,681
Jun 2019 4,225 8,675
Jul 2019 3,941 7,558
Aug 2019 3,618 6,216
Sep 2019 3,616 8,707
Oct 2019 3,960 6,961
Nov 2019 3,263 4,296
Dec 2019 1,984 4,729
Jan 2020 2,074 4,075
Feb 2020 3,476 5,649
Mar 2020 3,760 7,330
Apr 2020 1,412 2,972
May 2020 2,285 4,522
Jun 2020 4,445 7,791
Jul 2020 5,633 8,360
Aug 2020 5,429 8,301
 
Source: TREB, Better Dwelling.

The number of active listings, or total inventory, made a significant decline. TRREB reported 7,395 active listings in August, down 25.41% from the same month last year. The City of Toronto represented 1,675 of those listings, down 6.32% over the same period. The 905 is seeing detached inventory fall much faster than the City. 

Toronto Active Detached Listings

The total number of detached listings available.

Active ListingsSep 2015Nov 2015Jan 2016Mar 2016May 2016Jul 2016Sep 2016Nov 2016Jan 2017Mar 2017May 2017Jul 2017Sep 2017Nov 2017Jan 2018Mar 2018May 2018Jul 2018Sep 2018Nov 2018Jan 2019Mar 2019May 2019Jul 2019Sep 2019Nov 2019Jan 2020Mar 2020May 2020Jul 202002,0004,0006,0008,00010,00012,00014,000Detached Units
MonthActive Listings
Sep 2015 8,042
Oct 2015 7,349
Nov 2015 5,777
Dec 2015 3,644
Jan 2016 3,912
Feb 2016 4,363
Mar 2016 4,970
Apr 2016 5,089
May 2016 5,303
Jun 2016 5,144
Jul 2016 4,762
Aug 2016 4,237
Sep 2016 5,279
Oct 2016 5,211
Nov 2016 4,296
Dec 2016 2,224
Jan 2017 2,306
Feb 2017 2,624
Mar 2017 4,347
Apr 2017 7,458
May 2017 10,654
Jun 2017 11,245
Jul 2017 10,497
Aug 2017 9,215
Sep 2017 11,048
Oct 2017 11,004
Nov 2017 10,600
Dec 2017 7,508
Jan 2018 6,819
Feb 2018 7,852
Mar 2018 9,651
Apr 2018 10,956
May 2018 12,505
Jun 2018 12,489
Jul 2018 11,662
Aug 2018 10,563
Sep 2018 12,042
Oct 2018 11,473
Nov 2018 10,001
Dec 2018 6,920
Jan 2019 7,087
Feb 2019 7,931
Mar 2019 9,361
Apr 2019 11,051
May 2019 12,390
Jun 2019 12,301
Jul 2019 11,221
Aug 2019 9,915
Sep 2019 10,863
Oct 2019 9,772
Nov 2019 7,590
Dec 2019 4,729
Jan 2020 4,832
Feb 2020 5,559
Mar 2020 6,459
Apr 2020 6,127
May 2020 6,375
Jun 2020 7,243
Jul 2020 7,227
Aug 2020 7,395
 
Source: TREB, Better Dwelling.

Greater Toronto real estate has been extremely busy this summer, and most of that activity has been in detached markets. Despite the 905 becoming a much tighter market than the City, both are seeing prices rise at the same pace. This likely indicates cheap money and exuberance are much bigger influencers in the City than the suburbs.

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Contributing editor, and data sherpa.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.