Sales In Toronto Peaks New Record

In the month of October, the sales of homes in the Greater Toronto Area peaked at a record of 9,768 homes sold in total, up by 11.5 per cent compared to the previous year. The report rendered by the Toronto Real Estate Board showed the strong 22.2 percent increase in the condo market, with single-family detached homes also increasing by 10.3 per cent.

With the recently implemented rule on mortgages that took place mid-October, it will take some time before the impact can fully take effect and cause a change in the sales figures. The president of TREB said, Larry Cerqua said; “As we move into November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance.”

The incline of MLS HPI by 19.7 per cent over the years showed the surging prices, with the average selling price up by 21.1 per cent to $762,975. The data disclosed that the City’s 416 areas weren’t faring so well, unlike the GTA suburbs which showed a higher increase. Condos increase by 28.3 per cent, compared to the 19.8 per cent in the 416 area, while detached homes went up by 13.4 per cent, which is quite different than the 1.5 per cent in the 416.