Toronto sales surge to a new record

Sales of homes in the Greater Toronto Area hit a record 9,768 in October, up 11.5 per cent compared to a year earlier.

Toronto 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 HPI showing a rise of 19.7 per cent year-over-year and the average selling price up 21.1 per cent to $762,975.

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

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