Your GTA realtyreport
Toronto Market Enjoys Continued Strength
The Toronto Real Estate Board (TREB) confirmed that the pace of Toronto home sales remained brisk in the month of October, while home prices correspondingly continued their upward trend.
Greater Toronto Area REALTORS® reported 7,642 home sales through the Toronto Multiple Listing Service® (MLS®) in October 2011 – showing a 17.5 percent increase over 6,504 transactions in October 2010. The average selling price also rose during the same period, to $478,137, reflecting an eight percent increase over October 2010.
"The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011," said TREB President Richard Silver. "Homebuyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefited from increased supply in the fall."
Jason Mercer, TREB Senior Manager of Market Analysis, added, "Sellers' market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types." Mercer also noted, "Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions."
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