Toronto Home Sales In October Reach New Record

Home sales during the month of October hit a new record for the month with 8,804 home sales.

“It is clear that many GTA households remain upbeat about home ownership because owning a home represents a high quality, long-term investment,” said Mark McLean, the president of the Toronto Real Estate Board. “We will see a big, new record this year for home sales reported through TREB’s MLS System.”

He continued, “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 his 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.”

The average price also increased by 7.3 per cent to $630,876.

The Director of Market Analysis for the Toronto Real Estate Board, Jason Mercer, said that, “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.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s