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October was another strong month for real estate sales in Toronto. Sales were up 19% and the average price of a home in the City increased by 9.3% to $593,807. We keep getting closer to an average price of $600,000, which is really leaving condos as the main housing option for many first time buyers. With the majority of downtown neighbhourhoods experiencing low levels of inventory (new listings dropped by 8.4%), and low interest rates, which the Bank of Canada has now indicated won't be going up anytime soon, prices remain strong.

 

Sales by price range broke down as follows:

 

  • 14.5% between $200,000 - $299,999
  • 20.9% between $300,000 - $399,999
  • 19.5% between $400,000 - $499,999
  • 13.4% between $500,000 - $599,999 

Homes sales in this range between $200,000 to $600,000 accounted for 68% of all real estate transactions last month. The majority of these transactions were focused in the condo market as well as outside of the core in surrounding GTA communities. Alot of this activity can be attributed to first time buyers entering the market. In the higher price ranges the sales break down was:

 

  • 9.3% between $600,000 - $699,999
  • 5.7% between $700,000 - $799,999
  • 3.6% between $800,000 - $899,999
  • 2.3% between $900,000 - $999,999

Check out the info-graphic below for a quick snapshot of what happened in October and if you have any questions about the market or real estate trends, call, text, or email me :)

 

 

 

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It seems like November just started and we're already more than half way through!! Time  really does fly Frown

 

As we get closer to the holiday seasons and with so much speculation on where the market is heading, the Toronto Real Estate Board just released mid-month sales results. In summary, compared to last November, sales for the GTA, including Toronto, decreased by 17.5%, while prices across all housing types were up by 1.7%. In Toronto specifically, sales were down 23%, while the average price was slightly down ($524,434 in 2011, compared to $522,852). Sales were down across all housing types in Toronto, while the condo market was the only housing price that saw a dip in the average price of 3.8%.

 

Check back in for the full month sales results which should be released early December.



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