Real Estate Market Stats Oct 2016

Sales of homes in the GTA hit a record 9,768 in October, up 11.5% compared to the previous year!

2016_oct_market-stats_rlp-2Toronto Real Estate Board reported that the condo market was particularly strong, rising 22.2 per cent, but detached single-family homes also increased, rising 10.3 per cent. With the new federal mortgage rules implemented in mid-October, it will be at least another month before the impact of the changes will show in sales figures. “As we move through 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,” commented TREB president Larry Cerqua. Prices also surged with the MLS House Price Index showing a rise of 19.7% year-over-year and the average selling price up 21.1% to $762,975.

The data shows that GTA suburbs were showing higher growth than the City’s 416 area; condos up 28.3% (compared to 19.8% in the 416); and detached homes up 13.4% (compared to 1.5% in the 416).

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