Greater Toronto Area Real Estate Statistics
Best October ever.
Monthly resale housing sale prices for October 2015 were released on November 5 by the Toronto Real Estate Board.
Board President Mark McLean announced that there were 8804 home sales via the Toronto Real Estate Board’s MLS system in October 2015. This is the best result on record for the month of October.
McLean says: “It is clear that many GTA households remain upbeat about home ownership because owning a home represents a high quality, long-term investment. We will see a big, new record this year for home sales reported through TREB’s MLS® System. Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. Recent polling has shown that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost.”
Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis says: “Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation.”
The average selling price for all home types combined was up 7.3 per cent to $630,876.
In the city of Toronto, real estate sales for October 2015 numbered 3431 with the average real estate sales price at $671,350 versus $633,483 in October 2014.
In the “905” regions, including real estate sales for Pickering, Ajax and Whitby, the average real estate selling price was $605,030 versus $557,598 one year prior.
Real estate buyers and real estate sellers selling and buying a house in Pickering, Ajax and Whitby saw a 13.02 per cent increase in sales prices.
Written by Scott Hanton, Broker for The Weir Team, Keller Williams Advantage Realty.