Toronto House Prices Just Hit A New Record & Good Luck If You're In The GTA

Buying an affordable home in downtown Toronto feels just as rare as finding a four-leaf clover. Prospective homeowners who are looking for a house in the 6ix will apparently need another stroke of luck because a recent report reveals that housing affordability in the GTA has gotten even worse.

The Toronto Regional Real Estate Board (TRREB) just put out its data about the GTA's housing market conditions for September, and it shows that the average selling price for all types of homes was up 18.3% year-over-year at a whopping $1,136, 280.

As prices soar, active listings on the market are also plunging. TRREB reports that the number of active listings in September was cut by half with just 9,191 homes up for sale at the end of the month. New listings sank 34% compared to the year before.

"Demand has remained incredibly robust throughout September with many qualified buys who would buy a home tomorrow provided they could find a suitable property," TRREB President Kevin Crigger said in the report. "With new listings in September down by one-third compared to last year, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture."

Housing affordability is a problem all throughout the country, however. Back in August, it was reported that you have to make about $200,000 annually in order to consider buying a place in the 6ix, too.

This article's cover image was used for illustrative purposes only.