According to the latest from the Toronto Real Estate Board, resale home transactions jumped by 17.5 per cent in October 2011, up to 7,642 home sales from 6,504 home sales last year.
For the entire year, seasonally adjusted home sales in the Greater Toronto Area for 2011 hit 97,100, which is above average for the majority of 2011 – which was 90,700.
“The pace of October resale home transactions remained brisk in the GTA,” said the president of the Toronto Real Estate Board, Richard Silver, in a press release. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”
Home prices continue to increase slightly, up eight per cent in October 2011 to an average price of $478,137.
“Sellers’ market conditions remain in place in many parts of the GTA,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, in the same press release. “The result has been above-average annual rates of price growth for most home types. Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”
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