Reported numbers for October remain on track for a record year in Toronto residential sales. Average sale prices are rising as the number of available units cannot meet the demand.
Interestingly, new listings rose in October when compared to the same month in 2015 for the first time all year. The incremental increase is still not enough to make an impact in the overarching seller’s market driving GTA real estate.
The number of closed transactions increased year-over-year. The Multiple Listing Service (MLS) reported 9,768 closed transactions last month, an 11.5 percent gain over October 2015. The condominium apartment segment witnessed the largest annual sales growth of 22.2 per cent in growth. Detached sales did have a year-over-year rise but mostly in the regions around Toronto. Semi-detached sales declined, especially in the inner Toronto region.
In the luxury market, 325 properties of all types closed in the $2 million-plus segment. That is a significant increase from October 2015 when 140 super luxury properties closed. In the year to date, 2,679 property transactions have been reported in this bracket. The residential luxury market continues to thrive in the current competitive real estate atmosphere.
Buyers could expect to pay $762,975 on average for all home types combined across the GTA. That’s up 21.1 per cent for the same month last year. All home types experienced price growth in the double digits. A detached home in the 416 area code averaged just over $1.3 million in October, 21.7 per cent higher than the previous year.
Average days on market was a brisk 16 days. It’s essential buyers have their financial paperwork in order before searching for Toronto real estate, even for luxury market properties. Barry Cohen can help buyers prepare for the competitive house hunting market to ensure you find the right home at the right price.