Sales were up 3.3% for October compared to last year with 8,804 houses and condominiums changing hands in all the districts. This was the best October on record, just barely beating out 8,525 sales back in 2014! Sales are actually up almost 30% above the last 15-year average.
Condo townhouse and high-rise suites took a 33% share of the market with 2,901 units being sold. This was the highest number of condo sales ever for the month of October.
The October average sale price for all GTA homes came in at $630,876– up 7.3% from 2014.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been. We had a 20.5% decline in inventory for the month of October compared to historical numbers and lower by 7.5 % from last year at this time.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In October that ratio finished at 54.4% - up 6% from last year’s result and down about 10% from our spring market. We’ve now stepped back up into ‘very busy’ seller market territory!
The days-on-market average for Toronto homes was again 22.
Watch the video to get the complete October Market Report details.
Here's the complete text version of the October Toronto Real Estate Market Report to read.