Pace of Home Sales Remains Brisk in October
November 3, 2011 -- Greater Toronto REALTORS® reported 7,642 home
sales through the TorontoMLS® in October 2011. This represented an
increase of 17.5 per cent compared to the 6,504 transactions
reported in October 2010.
Monthly sales data follow a recurring seasonal trend that should
be removed before comparing monthly results within the same year.
After adjusting for seasonality, the annualized rate of sales for
October was 97,100, which was above the average of 90,700 for the
first three quarters of 2011.
"The pace of October resale home transactions remained brisk in the
GTA. This bodes well for a strong finish to 2011," said Toronto Real
Estate Board President Richard Silver. "Home buyers who found it
difficult to make a deal in the spring and summer due to a shortage
of listings have benefitted from increased supply in the fall."
The average selling price through the TorontoMLS® in October was
$478,137 – up eight per cent compared to October 2010.
"Sellers' market conditions remain in place in many parts of the GTA.
The result has been above-average annual rates of price growth for
most home types," said Jason Mercer, the Toronto Real Estate Board's
Senior Manager of Market Analysis.
"Thanks to low interest rates, strong price growth has not
substantially changed the positive affordability picture in the City
of Toronto and surrounding regions."
"Tight market conditions have boosted the annual rate of price
growth this year. However, the listings situation is starting to
improve. A better supplied market later this year and into 2012
would lead to a more sustainable rate of price growth," said Jason
Mercer, TREB's Senior Manager of Market Analysis.
Amit is a Toronto and Mississauga Real Estate Boards real estate
broker
serving real estate markets
in Mississauga Toronto. Amit will be happy to help you buy, sell or
rent in Mississauga or Downtown Toronto. Monthly
real estate news and statistics are provided by Toronto
Real Estate Board.
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