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Photo: Graham/Flickr

The number of homes that changed hands in Greater Toronto in October was up from a year ago, with low-rise homes continuing to drive price growth, says the Toronto Real Estate Board.

TREB, the country’s largest board representing about 40,000 realtors in the Toronto area, reported 8,552 homes were sold through the TorontoMLS system, up 7.7 per cent from October 2013.

The average price of a detached house in the city was $951,746 in October, up 8.7 per cent from a year earlier. The average price of a condo was $390,430, up 1.5 per cent. For townhouses it was $520,705, up 9.8 per cent.

Strong growth in sales across all major home types suggests that there are a lot of households who remain upbeat about homeownership over the long term, said TREB’s President Paul Etherington.

While new listings were also up on a year-over-year basis, numbers increased by just 3.4 per cent.

TREB’s director of market analysis, Jason Mercer, said that a constrained supply of listings in some parts of the GTA mean many would-be home buyers continue to find difficulties finding a home, particularly in low-rise home types.

“The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” he said.

Follow Kat Sieniuc on Twitter: @katsieniuc

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