Toronto home sales picking up pace but still lagging

Home sales in Toronto saw a double-digit increase in October compared to September but remained below the level of a year earlier.

Toronto Real Estate Board reported 7,118 sales, up almost 12% and above average; but that was more than 2,500 fewer than in October 2016.

The strong gain month-over-month is normal for the September to October period but TREB president Tim Syrianos believes this year’s gain was the start of a trend.

“That increase was more pronounced than usual compared to the previous ten years.  So, while the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” he said.

Prices also continue to rise in Toronto with the benchmark up 9.7% year-over-year. The average selling price for October was up 2.3% year-over-year to $780,104. Townhouses and condos led the annual price gains.

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis.

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