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NOTE - 38 TODMAN - A BANK SALE
As expected, October sales increased over September with Toronto Real Estate Board members reporting 8,552 sales through the Toronto MLS system. The average selling price for October 2014 was $587,505 – up 8.9 per cent over October 2013, bringing the 2014 year to date average price to $566,312 as of the end of October.
Strong growth in sales was evident across all major home types during the first full month of fall and this bodes well for sales going forward as is evident that first-time buyers and existing homeowners are looking to change their housing situation.
While sales growth has been very strong so far this fall, many would-be homebuyers have continued to have difficulties in finding the right homes due to a shortage of listings. With the number of transactions up 7.7% over a year ago and the inventory of available homes for sale down 5.7%, the resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well.
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