As property sales plunged in Metro Vancouver last month, Toronto's increased by more than 21 per cent, according to new figures released Wednesday.
The Toronto Real Estate Board said there was strong growth in sales transactions for all major homes types in September, a stark contrast from the residential real estate market back home.
"We continue to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area," board president Larry Cerqua said in a release.
About 9,900 properties changed in the Greater Toronto Area, according to the board, down 0.9 per cent from the previous month, but up 21.5 per cent from September 2015.
That's compared to the roughly 2,250 recorded sales in Metro Vancouver, which represents a drop of almost 10 per cent from August, when B.C.'s foreign buyer tax took effect. It was also a whopping 32.6 per cent decline from September 2015, though the Real Estate Board of Greater Vancouver said demand is increasing in some areas of the market.
"We're seeing more demand for condominiums and townhomes today than in the detached home market," president Dan Morrison said Tuesday.
The Toronto board said the average selling price also increased more than 20 per cent year-over-year, reaching $755,755. Vancouver's board didn't release the average price but said the benchmark home price was $931,000, which is a 0.1 per cent dip from August but still up nearly 29 per cent from the same month last year.
There has been speculation that foreign buyers have been turning to Toronto and elsewhere in Canada to avoid B.C.'s punishing new tax of 15 per cent, but the impacts of the levy are still unclear.
Earlier this week, the federal finance minister announced measures intended to help cool down overheated real estate markets and provide stability, which included closing a loophole some foreign buyers are believed to be using to avoid paying capital gains tax on investment homes.
With files from The Canadian Press
