Home sales during October increased by 7.7 per cent over the same month last year according to the Toronto Real Estate Board, for a total of 8,552 sales. Listings also increased compared to October 2013, by 3.4 per cent.
According to the president of the Toronto Real Estate Association, Paul Etherington, “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 homeowners looking to change their housing situation.”
The average selling price during October 2013 was 8.9 per cent higher than October 2013, to $587,505.
“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,” said the Toronto Real Estate Board’s Director of Market Analysis, Jason Mercer. “The resulting sellers’ market conditions are forecast to drive strong place growth through the remainder of 2014 and indeed into 2015 as well.”