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October Toronto Home Sales Down 4.3% BUT...

Trebmarketwatchoct06thOctober Toronto real estate sales are down 4.3% but 2006 is still on track to be the third best month in Toronto MLS history!

Hand-in-hand with the cooler autumn weather, the GTA fall housing market is cooling off from a sizzling summer of resales.

In October, 6,876 resale homes changed hands in the GTA, according to Toronto Real Estate Board (TREB) statistics.

Although last month’s resales were up from 6,622 in September, they were down from 6,976 in August.  What we are seeing is an increase in the listing inventory which gives buyers more choice.

Traditionally, the summer housing market slows down while people vacation and enjoy the hot weather, only to pick up again in the fall. The trend has reversed this year as the GTA’s record-breaking housing market finally eases up a bit.

To put things in perspective, however, Toronto real estate “year-to-date figures show this year's house and condo sales are within one and a half per cent of 2005’s record pace and October home sales were four per cent higher than September’s, indicating a solid autumn market," says TREB President Dorothy Mason.

The average resale home price in Toronto was $356,423 last month, up two per cent from September and up four per cent, year over year.

Some economists think that examining median prices for homes is a more accurate reflection of whether prices are moving higher or lower. The median price is the point at which half of resales sold for less and half sold for more.

In October, the median resale price for a Toronto detached home was $375,000; that’s the same median price as June. In October 2005, it was $358,000, which means that median prices are still inching up.

Posted on Monday, November 13, 2006 at 11:06AM by Registered CommenterJoanna in | CommentsPost a Comment

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