GTA home sales, prices climbed in Oc­to­ber from a year ago

The Observer (Sarnia) - - HOMES - LINDA NGUYEN

Hous­ing sales across the Greater Toronto Area rose last month, com­pared with a year ago, as prices also climbed, helped by strong sales in the condo and higher-den­sity lowrise mar­kets.

The Toronto Real Es­tate Board says there were 7,492 sales in Oc­to­ber 2018, up six per cent ver­sus a year ago. On a pre­lim­i­nary sea­son­ally ad­justed ba­sis, sales were down one per cent com­pared to Septem­ber 2018.

Mean­while, the aver­age sale price was $807,340 in Oc­to­ber, up 3.5 per cent from $780,400 year-over-year. Ad­justed sea­son­ally, the aver­age sell­ing price last month was up one per cent com­pared with Septem­ber.

The MLS HPI com­pos­ite bench­mark price jumped by 2.6 per cent com­pared to Oc­to­ber 2017.

The aver­age price for a de­tached home in Toronto was $1.31 mil­lion in Oc­to­ber. In the rest of the GTA, the aver­age de­tached home price was $914,179.

Con­do­minium prices across the Greater Toronto Area climbed the most out of all prop­erty types year over year, ac­cord­ing to TREB.

The aver­age price of a con­do­minium in Toronto last month was $603,153, up 8.6 per cent com­pared to a year ear­lier. In the rest of the GTA, the aver­age condo price was $461,013, up 5.9 per cent year over year. For all of the GTA, condo prices rose 7.5 per cent in Oc­to­ber from a year ago.

The board, which rep­re­sents more than 52,000 re­al­tors, says sales and price growth came as the num­ber of new list­ings fell com­pared with a year ago.

Last month, there were 14,431 new list­ings, down 2.7 per cent ver­sus Oc­to­ber 2017.

“An­nual sales growth has out­stripped an­nual growth in new list­ings for the last five months, un­der­pin­ning the fact that list­ings sup­ply re­mains an is­sue in the Greater Toronto Area,” said Ja­son Mercer, the board’s di­rec­tor of mar­ket anal­y­sis.

Real­tor Tom Storey called the data “en­cour­ag­ing,” es­pe­cially amid some re­cently in­tro­duced mea­sures aimed at cool­ing down the real es­tate mar­ket in­clud­ing a new mort­gage stress test and a 15 per cent for­eign buyer tax in On­tario.

“What we’ve been see­ing, es­pe­cially for the city of Toronto, our pop­u­la­tion has kept the de­mand so strong that those fac­tors haven’t had as much of a sig­nif­i­cant im­pact as they could’ve in other mar­kets,” said Storey, of Royal LeP­age Sig­na­ture Realty.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.