October 2016

By November 30, 2016

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“October was a month to remember”, she said, on the last day of November 🙂  What can I say? I’ve been too busy to blog.

The Toronto Real Estate Board stats show record-breaking prices and short selling cycles in October. At this pace, we should see GTA 2016 sales skyrocket beyond 110,000 properties! That’s a lot of real estate changing hands at a time when financial, economic, and political changes are unfolding at home and south of the border.

The key numbers for October show that sales were up almost 12% in the Greater Toronto Area. There were two driving forces behind these figures: low interest rates and significant demand. Sorry for sounding like a broken record!

The average price for a detached property in the City of Toronto was $1,303,339. In Toronto’s central districts, the average price for detached properties hit a new high of $2,086,362.

Semi-detached properties weren’t far behind with an average price of $902,137. In central Toronto, semi-detached properties came in at $1,236,673. For both, detached and semi-detached properties, prices have climbed more than 20 percent since 2015.

As November comes to a close, we can expect sales to slow through December. But this won’t stop 2016 from breaking records. Can 2017 keep the pace?

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