According to the Toronto Real Estate Board (TREB), there were 8,804 sales through the Multiple Listing Service (MLS) in October. Up by 3.4 per cent compared to October 2014.
October saw an average selling price of $630,876 - which is up by 7.3 per cent from the average selling price of $587,945 reported in October 2014.
“Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. Recent polling has shown that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in October 2015 was $525,944.
The median price in October 2014 was $487,450.
“Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).