“Every year we generally see a jump in sales between September and October. However, this year 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,” said TREB President Tim Syrianos.
The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a year-over-year basis in October. Annual rates of price growth were strongest for townhouses and condominium apartments. The average selling price for October transactions was $780,104 – up by 2.3 per cent compared to the average of $762,691 in October 2016.
“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.
Here is our October 2017 Market Report, a quick resale housing market analysis with key stats for Toronto + the GTA ?.
>> Don’t forget to check out the complete monthly Toronto + GTA Resale Housing Market Figures report released by TREB for a comprehensive breakdown of all statistics recapped in our monthly market review.