Last month proved to be a strong month for the GTA real estate market, with 8,000 sales were reported through the Toronto MLS system reported compared to 6,713 the same time last year, which represents an increase of 19.2 per cent in home sales. Similarly, the MLS composite benchmark, which controls for extremes in the market, such as a surge in high-end luxury home sales, was up 4.5 per cent compared to October 2012. The average selling price of a home was also up. Last month, homes sold for an average of $539,058, up from $502,127, or 7.4 per cent on a year-over-year basis.
Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis, predicts that these positive trends will continue through next year. Mercer explained that “home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs.”
Within York Region, Markham continued to be an active area within the real estate industry. With 397 home sales last month, it made up 28 per cent of the total home sales in York Region. Similar to the GTA as a whole, detached homes were the leading home type, as over 46 per cent of all sales were detached homes.
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