November 4, 2009

The Toronto Real Estate Board’s numbers are in for the month of October, and they are hot hot hot!

Home sales in Toronto shot up 64% over last year with 8,476 homes sold.

Also soaring was the average price which rocketed to $423,559 – up 20% over the same period last year.

“After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”

On the down side, active listings were significantly lower by 46 per cent in October.

Year-to-date sales, at 74,721, were up 9 per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.

“The highest rate of sales growth in October was experienced for properties selling for over $750,000,” said TREB president Tom Lebour. “In contrast, luxury home sales declined at an above average rate last year.”

But, don’t forget, that the headlines must be taken with a grain of salt. Last September and October saw the beginning of the “Great Recession” that saw sales stop dead in their tracks. I imagine that the November and December numbers, as compared to last year, with look even more stunning.

Read the TREB Market Watch, here.

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