Toronto Star November 4,2009- Tony Wong
Existing home sales in the Toronto area soared to 8,476 in October, up 64 per cent from the same month last year.
The average price for a home in October was up 20 per cent to $423,559, the highest on record, according to figures released by the Toronto Real Estate Board today.
"After a short dip in the winter, the average home price has rebounded because sales have been high relative to listings," says Jason Mercer, TREB's senior manager of market analysis.
Active listings were down significantly by 46 per cent in October.
Year to date sales of 74,721 were up 9 per cent compared to the first 10 months of 2008.
"The highest rate of sales growth in October was experienced for properties selling for over $750,000," said TREB president Tom Lebour. "In contrast, luxury home sales declined at an above average rate last year."