It was another record-setting month for GTA home sales, as noted by the Toronto Real Estate Board (TREB). According to TREB, 8,804 properties were sold – a 3.4% increase over the 8,512 recorded for October 2014 and up from the 2.5% increase in September 2015.
Inventory levels remain problematic; last month new listings dropped by 0.4% and active listing were down by 7.5% compared to October 2014. Jason Mercer, TREBs Director of Market Analysis, uses the term “constrained” to describe listings in many areas across the GTA.
Detached homes in 416 bore the brunt of scarce inventory, with a sales decline of 9.7%; 905 detached home sales increased slightly by 2.4%, and condo sales took the lead, increasing by 9.7% in both Toronto and the 905 area.
The average selling price in October 2015 was $630,876, up 7.3% from $587,945 in October 2014. Double-digit price increases were posted for every housing type in 416, with the notable exception of Toronto condo prices – up 4.2%.
The average price of a detached home in Toronto is now $1,071,394, an increase of 12.5% over October 2014; the average price of singles in the 905 area increased by 9.1% to $734,745. By comparison, condo prices totalled $406,792 in Toronto and $318,317 in the rest of the GTA.
And the future? According to TREB president Mark McLean, we all can look forward to a “big, new record this year.”
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