Apparently the weather cooling down has zero effect on the housing market here in the GTA. In Fact, home sales reached the second highest level on record for the month of October.
Let’s get in to the numbers
Single family home results:
Average price of a detached home was just over $1.5M = 27.7% increase
Average price of a semi detached home was $1.15 = 24.1% increase
Town homes average price was just under $1M = 27.9% increase
The condo segment results:
Overall, average sales price increased by 13%. Average price for August was just under $708K.
Overall the story for this month remains the same as I’ve been stating for the past months. We have low inventory, therefor buyers have less of a choice, and when they find something suitable majority of the time they are competing with other buyers which is driving the prices up.