Prices Skyrocket Up 21.1% As Home Sales Continue to Break Records in October!

Real Estate Sales Break Records, With
Condominiums Leading The Way!

Toronto Real Estate Board announced a record 9,768 sales in October 2016. Up by 11.5% compared to
October 2015. For the TREB market area as a whole, the largest annual rate of sales growth was in the
condominium apartment market.  Detached home sales were up by 10% year-over-year. The record pace of GTA home sales continued in October, with strong growth throughout the month. 

Average Sale Prices up 21.1% In October 2016

Similarly, the average selling price for all home types combined was $762,975 up 21.1% over the same time period.  Double-digit increases were experienced for all major home types for the TREB Market Area as a whole.

Seller’s Market Remains Strong in 4th Quarter

New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth.  Until we experience sustained relief in the
supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments.