7,118 residential sales have been reported through TREB’s MLS® System in October 2017. This result points to stronger fall market conditions because of an above-average increase between September and October of almost 12 per cent.
October sales were down compared to 9,715 transactions in October 2016, with total sales reported through the first 10 months of 2017 amounted to 80,198, which is down from 99,233 for the same time period in 2016.
While the number of transactions was down relative to last year’s record pace, it certainly does appear that "sales momentum is picking up," as Toronto Real Estate Board President Tim Syrianos explains and adds:
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.
The MLS® Home Price Index Composite benchmark price was up by 9.7 per cent on a year-over-year basis in October, with annual rates of price growth strongest for townhouses and condominium apartments. The average selling price for October transactions was $780,104, which is up by 2.3 per cent compared to the October 2016. TREB’s Director of Market Analysis Jason Mercer adds:
The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind.