Greater Toronto Area realtors reported 8,491 home sales through the MLS System in October, according to the Toronto Real Estate Board (TREB). This represents a 14 per cent increase compared to October 2018, with sales up for all major home types.
Both sales and price growth grew year-over-year for condo apartments. Sales sit at 2,219 this month, with an average price of $617,419.
Overall, sales growth versus annual decline in new listings continued with new listings down by 9.6 per cent compared to last year at this time. The resulting tighter market conditions over this year have led to a higher annual rate of price growth across the GTA.
“During the recent federal election, some parties committed to more flexibility on the mortgage lending front, including the reintroduction of a 30-year amortization period for insured mortgages and more flexibility in the application of the OSFI mortgage stress test,” said Toronto Real Estate Board President Michael Collins. “These and other housing-related policy options should be brought forth in the new minority parliament.”
The average selling price for all home types combined was up by 5.5 per cent to $852,142, compared to $807,538 in October 2018.
“While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers,” added Jason Mercer, TREB’s chief market analyst.