Contrary to the neigh-sayers the Real Estate market in Toronto has hit another record month in October….and my prediction for a record year is getting closer to reality.
The GTA REALTORS® announced 8,804 sales through TREB’s MLS® system in October 2015. In terms of sales, this is the best result for October on record.
The inventory still isn’t improving, new listings were down by 0.4 per cent and active listings by 7.5 per cent compared to October 2014. The average price, on the other hand, is up again. For all home types combined the price has grown by 7.3 per cent amounting to $630,876.
There may even be more activity as many old easterners come back from Alberta as it falters under the slide in the Oil and gas market. Luckily, having a more diverse economy in Ontario puts us with better hopes for the future especially with two Liberal Governments (Provincial and Federal) promising lots of infrastructure spending.
Let’s see what these last two month’s of 2015 hold for the Toronto Real Estate Market. My vote is for another record year…your vote??
Title photo by wsquared