October Sales & Average Price Up Year-Over-Year
The Toronto Real Estate Board reported 8,552 sales in October. This result represented an increase of 7.7% compared to October 2013. New listings were also up 3.4% on a year-over-year basis.
“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 home owners looking to change their housing situation,” said TREB President Paul Etherington.
The average selling price for October 2014 transactions was $587,505 – up 8.9% compared to the average of $539,286 reported for October 2013. The MLS® HPI composite benchmark price was up by 8.3% over the same period. Low-rise home types, including singles, semis and town houses, continued to be the driver of year-over-year growth in the average price and the MLS® HPI composite benchmark.
“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. The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s Director of Market Analysis.
“Toronto’s Condo Authority”