Despite the federal government’s attempt to cool things down, it seems TORONTO’s real estate buyers and sellers aren’t getting the message. In October, sales in the GTA hit a record high and prices went up by double-digits.
The Toronto Real Estate Board says there were 9,768 sales in the Greater Toronto Area (GTA) — up 11.5% from the same month last year. The average selling price for all types of homes rose by 21.1% to $762,975. “A 21.1% year-over-year rise is not normal,” according to BMO Nesbitt Burns. <PHOTO – Postmedia News>
IMAGE – http://www.betterdwelling.com
Sales of $3-million-plus homes were up 86% in the TORONTO area; 41% in VANCOUVER. In OAKVILLE, an affluent suburb west of the GTA, sales of $1 million-plus homes increased by 111% year-over-year, driven by price appreciation and increased interest from foreign buyers.