Toronto real estate market shows signs of life after summer slump

Toronto – Nov 2, 2017 – According to TREB’s latest numbers, Toronto home sales jumped up 12% from September to October, pointing to the strength of the overall Toronto market after the pullback from the peaked market earlier this year. The pullback was a result of a number of policies being introduced to cool the market.

The average sale price was up less than 1% from September to October, but up 2.3 per cent compared to October 2016 prices. The price growth was driven by appreciation in the townhouse and condo prices.

The Toronto market is behaving like the Vancouver market with a pullback directly after new rules were introduced followed by a pick up after a relatively short time.

The average price of a townhouse in the GTA was up 7.4 per cent at $629,507, while the average condo price was $523,041 up 22 per cent year-over-year, the most of any housing type. Meanwhile, the average price of a detached home was down 2.5 per cent year-over-year at $1 million. Prices of semi-detached homes rose 6.3 per cent to $764.293.

Sales in the first 10 months of the year slipped to 80,198, down 19 per cent from the same period in 2016.