The average sales price of homes was $587,505, up 8.9% from the $539,286 recorded last October, real estate board says.

Susan Pigg – Toronto Star

Toronto house prices were up almost 9% in October over a year earlier as the shortage of low-rise homes for sale continues to drive fierce competition and price escalations.

Those sellers’ market conditions are expected to push prices higher through the rest of this year and into 2015, said the Toronto Real Estate Board as it released October sales figures Wednesday.

Some 8,552 houses changed hands across the GTA in October, up 7.7% from October of 2013. While new listings were up 3.4%, the strength of demand meant that overall active listings were down 5.7%. That continues to drive bidding wars in the sought-after City of Toronto.

Comment: Same old…

The average sales price was $587,505, up 8.9% from the $539,286 recorded last October, says TREB.

Even the condo sector continues to see strong demand, with prices up 2.5% and sales up 6.8%, as buyers look to get a toehold in a market that shows no signs of slowing.

Detached homes continued to lead the way, with sales up almost 10%. The average transaction price for a stand-alone house in the 416 region, which just touched on $1 million this spring, stood at $951,746 in October, up 8.7% year-over-year.

Comment: Actually it peaked at $965,000 – just $14,000 less than last month. NEXT spring is where we are going to see a $1-million-plus average detached house.

That compared to an average sales price of $672,929 for detached homes sold in the 905 regions last month, up 10.6% from last October.

Semi-detached homes sold for an average of $678,937 in the City of Toronto, up 5.4%, compared to $450,375 in the suburbs, an 8.3% increase in average prices year-over-year.

Townhouse prices were up 9.8% in the city, to an average of $520,705 and 9.4% in the suburbs, to $414,797, according to TREB.

Resale condos sold for an average of $390,430 in the 416 region, up a modest 1.5% over a year ago, while prices were up 4.6% in the 905 regions, to an average of $308,919.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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