Greater Toronto Area realtors sold more homes in October.
There were 8,552 sales through the TorontoMLS system last month, a 7.7% increase compared to the same period a year ago.
The average selling price for October 2014 transactions was $587,505 – up 8.9% compared to the average of $539,286 reported for October 2013.
Low-rise home types, including singles, semis and town houses, continued to be the driver of year-over-year growth in the average price, according to the Toronto Real Estate Board (TREB).
While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, explains Jason Mercer, TREB’s director of market analysis. "The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well.”