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.