Toronto housing market posts strong October numbers

The Toronto housing market maintained its position as one of the country’s strongest housing markets, with both prices and sales volume showing robust growth last month.
Fresh figures from the Toronto Real Estate Board (TREB) revealed that the number of monthly sales through the Board’s MLS® System grew by 11.5 per cent year-over-year in October, up to 9,768 successful transactions.
CBC News further reported that the average selling price across all residential property types increased by 21.1 per cent in the same timeframe (up to $762,975), while the benchmark price index in the city rose by 19.7 per cent year-over-year.
“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,” TREB Director of Market Analysis Jason Mercer wrote in the data release.
The TREB report covered the same month that the Canadian government introduced far-reaching changes to federal rules governing mortgages nationwide.
“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 president Larry Cerqua stated.

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