Real Estate Sales in October

The Toronto Real Estate Board (TREB) has just released its latest report for the month of October. Like September, sales have decreased compared to last year, which is largely a result of the stricter mortgage lending guidelines that were set in place in July. "The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase," said TREB President Ann Hannah. However, the average selling price in October was up 6.2 per cent, or $503,479, compared to October 2011. However, TREB's Senior Manager of Market Analysis Jason Mercer offers home owners some relief. "We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists," said Mercer.

Markham continued to show strong sales figures for October. The average home selling price was $789,846, which is about 50% higher than the average value within the GTA and surrounding townships. Markham also had the second most sales transactions within York Region, second only to Vaughan. About a quarter of these transactions were in condominium apartments.

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