October home prices soar in Toronto

October home prices soar in Toronto

Average price up by 21%


TORONTO – October was another hot month for the Toronto area’s residential real estate market, with the number of sales hitting a record high and prices soaring by double-digits.

The Toronto Real Estate Board says there were 9,768 sales in the Greater Toronto Area — up 11.5 per cent from the same month last year.

Its benchmark price index was also up by 19.7 per cent from a year ago and the average selling price for all types of homes rising by 21.1 per cent to $762,975.

TREB president Larry Cerqua (SIR-kwa) says growth was strong throughout October — a month in which Finance Minister Bill Morneau announced stricter rules for mortgage lenders and foreign buyers.

He says TREB will be monitoring sales and listings carefully in light of Morneau’s policy changes and the board is surveying consumers to measure buying intentions for 2017.

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