The Greater Toronto Area (GTA) REALTORS® have just released last month's real estate figures. With 5,879 transactions made through the TorontoMLS system last month, the average number of transactions was down about 21 per cent compared to September last year; however, it is important to note that there are two fewer business days this September (historically, most transactions are made on business days.) Further, the lower number of transactions is largely a reflection of the tougher mortgage lending policies implemented by the Canada Mortgage Housing Council (CMHC) over the summer.
Toronto Real Estate Board President Ann Hannah has provided some reassurance. "We continue to see substantial competition between buyers," she says, which has helped to drive the 8.5 per cent increase in the average home selling price compared to last year. Last month, this figure was $503,662.
Markham continued to show robustness in the real estate market last month. It dominated other York Region municipalities with over a quarter of all home transactions within this region. Further, it reported an average home sell price of $640,269, which represents a nearly 30 per cent higher price than the average TorontoMLS figure.