While activity isn’t as flurried as the same time last year, the remainder of the fall season bodes well for the GTA housing market, according to October statistics recently released by the Toronto Real Estate Board (TREB).
There were 2,597 fewer sales this October than the same time last year, but the anticipated annual jump in sales between September and October was more pronounced this year than in the last 10 years – up nearly 12%. “While the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” says TREB president Tim Syrianos.
Prices rose 2.3% year over year, to an average October selling price of $780,104 (though that percentage is down from the 2.6% rise reported last month and the 3% rise reported in August).
The greatest price increases came from condos in the 416 and 905 areas, which increased year over year by 20.9% and 21.0%, respectively. There’s good news to be found in the number of listings, too: compared with the same time period in 2016, new listings for all home types are up 11.8%.
Are buyers and sellers regaining confidence? That could be. Pointing to policy changes that have impacted the GTA housing market, Jason Mercer, TREB’s director of market analysis, notes that “it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind.”