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.”