The month of October closed out with record high homes sales in the Greater Toronto Area.
The Toronto Real Estate Board says sales last month were 11.5% higher than the same time last year. There were a total of 9,786 homes sold.
Prices rose substantially as well, with average home costs up 21.1% to $762,975.
“The record pace of GTA home sales continued in October, with strong growth observed throughout the month. As we move through November and December, we will be watching the sales and listings trends closely, in light of the recent policy changes announced by the Federal Minister of Finance. TREB will once again be conducting consumer survey work, in order to report on home buying intentions for 2017.” – Toronto Real Estate Board President Larry Cerqua.
Just a few weeks ago, Finance Minister Bill Morneau announced stricter rules for mortgage lenders and buyers from outside the country, the effects of which may be reflected in the months to come.
Meantime, the news isn’t as rosy out west. The Real Estate Board of Greater Vancouver is reporting a 39% drop in home sales for the month of October, compared with the same time last year.
The Board says that’s due to changing market conditions, as well as government-implemented measures to keep prices in check, including a 15% foreign buyers tax.