Greater Toronto Area Report October 2017, Steve Moran, Remax

Toronto area home sales climbed 12 per cent from September to October, pointing to a stronger fall market after a policy-driven pullback from a frenzied market that peaked earlier this year.

It certainly does appear that sales momentum is picking up as buyers move to lock in purchases before new mortgage stress-testing rules take effect in January. The new mortgage rules, which will reduce the amount of financing available to most borrowers, will continue to push buyers into less expensive homes, boosting demand for condos.

The average selling price in October was $780,104 up 2.3 per cent compared with October 2016. Price growth was driven by appreciation in the condominium sector, with condos selling for an average of $523,041 in October, up 21.8 per cent year-over-year, the most of any housing type.

I think we are in a really good spot. Despite two recent interest rate increases, the Toronto market will continue to be driven by high demand for housing due to the region's strong economy and continuing population growth.

Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.

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