The autumn housing market kept strong in Toronto with the the Toronto Real Estate Board (TREB) reporting 8,000 sales in October, up 19.2 per cent from the same time last year.
Conditions remained tight with new listings dropping by 4.2 per cent and active listings sliding by 10.5 per cent, year-over-year. As sales went up and demand tightened, prices also shot up: the average price of a home in the GTA is now $539,058, up 7.4 per cent from $502,127 in October 2012. The MLS Home Price Index Composite Benchmark also surged with 4.5 per cent growth over last year.
“Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said TREB President Dianne Usher in the news release.
Here are some of the most dramatic increases:
The biggest sales gainers
- Despite all the talk of demand for houses, condo sales in the 905 region were up by 35.6 per cent in October.
- Townhouses in the 416 followed, recording a 26.3 per cent gain in sales year-over-year.
- Detached houses in Toronto proper also saw significant sales growth, rising by 23.6 since last year.
The biggest price gainers
- Detached houses in the 416 region saw an incredible 12.4 per cent leap in prices, rising to $873,509.
- Semi-detached homes in Toronto-proper followed with an 11.7 per cent increase to $642,112.
- Looks like the 416 market saw price growth no matter the property type: condo prices rose by 7.2 per cent to $384,441.
For more details, check out the charts below…