TREB has reported 8,552 sales through the TorontoMLS system in October 2014. This shows an increase of 7.7 per cent compared to October 2013. New listings were also up, but by a lesser 3.4 per cent.
The average selling price for October 2014 was $587,505 – a 8.9 per cent increase compared to the average price in October 2013. Low-rise home types continued to be the driver in of the year-over-year growth in the average price.
The market price of homes continues to rise as well as the activity. A lot of the pressure on the marketplace is an issue of lack of product. Sellers are not selling until they buy and not finding what they want…what comes to the market sells at a premium.
I do not expect too much to change until lending becomes much tighter and immigration lessens. It is continuing as a Seller’s market into the future and the well into 2015.