Home

Chestnut Park Real Estate

  • Home
  • About Me
    • Charlene's Bio
    • Why Me?
    • Testimonials
    • About Chestnut Park
  • Properties
    • Active Listings
    • Recent Sales
    • Property Search
    • Search the MLS
      • Bedford Park-Nortown Homes For Sale
      • Bridle Path-Sunnybrook-York Mills Homes For Sale
      • Cabbagetown-South St. James Town Homes For Sale
      • Forest Hill Homes For Sale
      • Lawrence Park Homes For Sale
      • Leaside Homes For Sale
      • Riverdale Homes For Sale
      • Rosedale-Moore Park Homes For Sale
      • The Annex Homes For Sale
      • Trinity-Bellwoods Homes For Sale
      • Yonge-Eglinton Homes For Sale
  • Sellers
    • Helpful Tips For Sellers
  • Buyers
    • Helpful Tips For Buyers
  • Neighbourhoods
    • Davisville Village
    • Lawrence Park
    • Leaside
    • Rosedale
    • Sherwood Park
  • Blog
  • Connect
  1. Blog
  2. toronto-home-sales-see-above-average-12-monthly-jump-in-october

back to article list

Toronto home sales see above average 12% monthly jump in October

  • Tweet
  • facebook share
Toronto area home sales rebounded by 12 per cent from September to October, pointing to a stronger fall market after a policy-driven pullback from a frenzied market that peaked earlier this year.

The Toronto Real Estate Board said Thursday that 7,118 homes were sold in October, up from the month before but down 27 per cent from the same month last year.

"Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced than usual compared to the previous ten years,'' said board president Tim Syrianos.

"While the number of transactions was still down relative to last year's record pace, it certainly does appear that sales momentum is picking up.''
The average selling price in October was $780,104, up less than one per cent from September but up 2.3 per cent compared with October 2016. Price growth was driven by appreciation in the townhouse and condo segments.

The average price of a townhouse in the GTA was up 7.4 per cent at $629,507, while the average condo price was $523,041 up 22 per cent year-over-year, the most of any housing type. Meanwhile, the average price of a detached home was down 2.5 per cent year-over-year at $1 million. Prices of semi-detached homes rose 6.3 per cent to $764.293.

Sales in the first 10 months of the year slipped to 80,198, down 19 per cent from the same period in 2016. Sales have dropped more than 10 per cent from the record set in March before Ontario announced its housing plan.

A spike in Toronto-area home prices earlier this year resulted in the provincial government's imposition of a number of measures to cool the market after a shortage of detached home listings helped push up prices.

In addition, the Bank of Canada has raised interest rates twice in recent months to the current overnight rate of one per cent, signalling a clampdown on cheap borrowing and driving the big bank prime rates and the cost of variable-rate mortgages higher. The cost of new fixed-rate mortgages have also risen as yields on the bond market have also risen.

Meanwhile, the Office of the Superintendent of Financial Institutions will implement new lending guidelines at the beginning of next year. Among the changes being considered is a requirement that homebuyers who do not require mortgage insurance still have to show they can make their payments if interest rates rise.

The policy-driven changes in the Toronto market, which include a tax on foreign buyers, have followed the trajectory of the Vancouver market, with a pullback directly after new rules were introduced followed by a pick up after a relatively short time, said TREB's director of market analysis Jason Mercer.

"It appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind.''
Vancouver home sales data from October is expected later Thursday.

The CHMC warned last month that the country's hottest housing markets remain "highly vulnerable'' with evidence of moderate overvaluation and price acceleration in Toronto, Hamilton, Vancouver, Victoria and Saskatoon.

The Canadian Press

@RealEstateProCA     

This entry was posted on November 2nd, 2017 by Charlene Kalia | Posted in General

Categories

  • General
  • Listings

Archives

  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • July 2018
  • April 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • August 2017
  • June 2017
  • May 2017
  • October 2016
  • September 2016
  • July 2016
  • May 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015

RSS 2

Toronto home sales see above average 12% monthly jump in October

  • 416-953-1226
  • 416-953-1226
  • charlene@charlenekalia.com

All information displayed is believed to be accurate, but is not guaranteed and should be independently verified. No warranties or representations of any kind are made with respect to the accuracy of such information. Not intended to solicit properties currently listed for sale.

The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

REALTOR® contact information provided to facilitate inquiries from consumers interested in Real Estate services. Please do not contact the website owner with unsolicited commercial offers.

Copyright © 2021. Chestnut Park Real Estate. All rights reserved.

  • Sitemap
  • Privacy Policy
  • Real Estate websites for Agents

Quick Links

  • Buying a Home
  • Selling a Home
  • Real Estate News
  • Contact Me

Neighbourhoods

  • Davisville Village
  • Lawrence Park
  • Leaside
  • Rosedale
  • Sherwood Park

Charlene Kalia

Chestnut Park
1300 Yonge Street, Suite 100
Toronto, ON 
M4T1X3

Connect With Me

  • © 2015. All rights reserved.
  • © Limelight Marketing
    Custom Real Estate Websites
  • Powered by Ubertor