According to the Toronto Real Estate Board (TREB), there were 8,552 sales through the Multiple Listing Service (MLS) in October. Up by 7.7 per cent compared to October 2013.
October saw an average selling price of $587,505 - which is up by 8.9 per cent from the average selling price of $539,286 reported in October 2013.
“Strong growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in October 2014 was $487,450.
The median price in October 2013 was $450,000.
“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned.The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).