Greater Toronto Area Report October 2018, Steve Moran, Remax

Housing sales and average sale prices in the Greater Toronto Area rose in October, compared with a year ago.

October sales increased 6 per cent over October last year. Meanwhile, the average sale price for all types of homes climbed 3.5 per cent on a year-over-year basis to $807,340. Sales and price growth came as the number of new listings fell compared to October 2017, signalling the region's real estate market is tightening.

While the detached home market is showing signs of slow improvement, the less expensive housing categories are continuing to drive most of the price increase in the GTA.

For example, the average sale price for condominiums in the GTA climbed 7.5 per cent to $562,523 in October compared to a year ago.

The number of homes sold in the GTA has been climbing on a year-over-year basis since late spring. Tougher mortgage qualification rules and higher borrowing costs have kept sales below 2016's record pace.

Looking forward, a strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019.

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.

Have a great day!