Home Sales up Year-Over-Year for October!
As per the Toronto Real Estate Board, Home sales are up by a record 9,768 sales. This means sales are up by 11.5% compared to October 2015. The largest increase is in the Condominium Apartment market. Detached Homes were up by 10% year-over-year mostly due to the sales in the surrounding areas around.
"The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017," said Mr. Cerqua.
"New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller's market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. 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," said Jason Mercer, TREB's Director of Market Analysis.
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