Nov 12 | Posted by Barry Cohen

Another month, another real estate record broken in the GTA!  Last month members of the Toronto Real Estate Board sold 8,804 properties through the Board’s MLS System, the best result on record for the month of October.

Housing prices continued on their upward course last month with the average price for all housing types throughout the GTA coming in at $630,876, a 7.3 percent increase over the same period last year.  The average price for a detached home in the 416 area code was $1,071,394.  The average sale price is calculated based on the total dollar volume of all properties sold. 

The combination of record sales and low inventory has resulted in very strong price growth throughout 2015, and even if the supply of low-rise properties picks up next year, the market will likely remain strong enough to see continued price growth, well above the rate of inflation.  The MLS Home Price Index Composite Benchmark was up by 10.3 percent year over year in October. Price growth continued to be driven by the low-rise market segments.

There is potentially one issue that could affect both sales and price growth, and TREB President Mark McLean addressed it this way “Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future.  The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax.  Recent polling has show that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost”.

With the threat of an additional land transfer tax looming, now is an opportune time to get your GTA property on the market, to take advantage of record-setting prices, quick turnover with only 22 days average selling time, and lots of prospective buyers.  I would be happy to meet with you, answer your questions and provide you with an accurate, professional evaluation of your properties current market value, and use my knowledge and expertise to guide you through the process every step of the way.  Call my office today.