In October 2016, there were a record 9,768 home sales reported through the Toronto Real Estate Board (TREB)’s MLS System, an increase of 11.5 per cent compared to October 2015. In the Toronto market, the largest annual rate of sales growth was in the condominium market segment at 22.2 per cent year-over-year, largely driven by sales in the 905 region.

“The record pace of GTA home sales continued in October, with strong growth observed throughout the month,” said Larry Cerqua, TREB president, in a press release. “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. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017.”

The MLS Home Price Index Composite Benchmark climbed 19.7 per cent year-over-year in October 2016. Similarly, the average selling price across all home types was $762,975, up 21.1 per cent over the same time period. All major home types in the GTA region experienced double-digit sales increases.

“New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller’s market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace, said Jason Mercer, TREB’s director of market analysis. “Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments.”