The Toronto Real Estate Board has released its Toronto home sale statistics for the first 14 days of October 2013, finding that there was an increase of 21 per cent over the same time period last year, with 3,460 sales instead of 2,849.
“With October mid-month sales well-above the 10-year average, it seems clear that we have more than recovered from the temporary dip in residential transactions that resulted from the onset of stricter mortgage lending guidelines,” said the president of the Toronto Real Estate Board, Dianne Usher. “It is also important to note that the supply of ground-oriented listings remains constrained, due in part to the additional land transfer tax and stricter lending guidelines. If this were not the case, the number of sales could have been greater because more households would have been able to find a home to purchase.”
A 7.3 per cent increase was seen in the average selling price during this time period over the same time last year, to $536,301.
“Price growth has been stronger in the second half of 2013, as sales growth has outstripped growth in listings,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “There have been more buyers competing for available properties compared to the first half of the year, which has led to increased upward pressure on average selling prices.”