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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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