October has been
yet another busy month for the Toronto Real Estate market. We have continued to see familiar rising trends
in both sales activity and sale price. In comparison to October 2013,
transaction numbers have increased %7.7 from 7,941 to 8,552. This number is
also a %6.2 growth from last month.
“Strong growth in sales was evident across
all major home types during the first full month of fall. This suggests that
there are a lot of households across the Greater Toronto Area who remain upbeat
about the benefits of home ownership over the long term, whether we’re talking
about first-time buyers or existing home owners looking to change their housing
situation” - Paul Etherington of TREB.
Although
transaction numbers continue to grow, the amount of prospective buyers in some
market segments outnumber property sellers, leaving many consumers frustrated
in the purchase process. We’re seeing this trend mainly in first time home buyer’s
with typical budgets ranging from $400,000 to just over $1,000,000. This
continued seller’s market is big player in rising property sale prices. From
October 2013, the average sale price has grown by %8.9 reaching $587,505.