In an article in the October 6th issue of the Toronto Star, according to the Toronto Real Estate Board (TREB) existing home sales in the Toronto area were up 28% in September compared to the same period last year. 8196 homes were SOLD in September.
The average price of an existing homes was also up 10% to $406,877. That's a new all-time high for an average house price in Toronto. Compare that with 2008,when average house prices were $379,947.
Experts say higher priced homes in the Toronto market have helped to skew prices upward. The relative strength in the financial sector has also helped.
Active listings were down significantly in September by 42 per cent to 15,894. THat means buyers are competing for less product on the market, which has led to bidding wars in some areas.
The average home is now on the market for 27 days, down from 36 days last year.