Stuart Paterson
Toronto — Globe and Mail Update Published on Wednesday, Nov. 04, 2009 1:24PM EST Last updated on Wednesday, Nov. 04, 2009 1:33PM EST
GTA home sales in October were up a whopping 64 per cent from the same month in 2008, according to a new report from the Toronto Real Estate Board.
Sale prices were also up 20 per cent from last year, and luxury homes became more popular.
TREB President Tom Lebour said, “Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars.”
He explained that properties selling for over $750,000 accounted for the high rate of sales growth this October, whereas last year saw those same rates plummet.
There were 8,476 sales in the GTA this October, up from 5,155 last year. That breaks down to 3,554 in Toronto and 4,922 in surrounding areas.
On average, houses sold for $423,559 in the GTA, compared to $352,971 last year.
“After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings,” said Jason Mercer, TREB’s senior manager of market analysis.
So far this year there have been 74,721 sales. That’s up nine per cent compared to the first ten months of 2008. At an average price of $392,264, overall sale prices are up by almost three per cent.
“Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year,” Mr. Mercer said.
Join the Discussion: