Toronto’s residential resale market continued its winning ways in October, with Toronto Real Estate Board Members reporting an October record 7,227 sales during the course of the month, TREB President Cynthia Lai announced today. “The local market turned in its fifth straight record-setting month, with sales up 12 per cent over October 2002, which was our previous best ever October,” Ms. Lai stated. “Not only that, sales were up seven per cent over September, so it appears that the Fall selling season will be an active one as well.”

Ms. Lai went on to note that prices in October continued their upward swing, coming in at $304,844 in October. This is up two per cent from September’s figure of $297,398, and up nine per cent from the figure of $279,771 recorded for the same month in 2002. “In addition,” said the President, “the year-to-date price, at $292,836, is up six per cent from the first 10 months of last year. So what we are seeing are price gains that are steady enough to satisfy the homeowner, but not so steep as to price first time buyers out of the market.”

Breaking down the total, 2,969 sales were reported in TREB’s 28 West districts and averaged $281,166; 1,188 sales were reported in the 14 Central districts and averaged $418,140; 1,497 sales were reported in the 23 North districts and averaged $330,341; and 1,846 sales were reported in TREB’s 21 East districts and averaged $245,838.

Click to view Residential Market Update – October 2003