According to the Toronto Real Estate Board (TREB), there were 7,642 sales through the Multiple Listing Service (MLS) in October. This is a 17.5 per cent increase from October 2010.
October saw an average selling price of $478,137 - which is an eight per cent increase from the average selling price of $442,799 reported in October 2010.
Home buyers benefited by the increase of supply this fall, especially since most home buyers had found it difficult with the shortage of listings in both the spring and the summer, according to TREB president Richard Silver, this bodes well for a strong finish to 2011.
The median price in October 2011 was $400,000.
The median price in October 2010 was $366,000.
"Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).