TORONTO AND AREA HOUSING MARKET STAYS HOT IN OCTOBER

Nov 03, 2016

By Bob Komsic

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Despite the recent introduction of new federal mortgage rules, home sales in Toronto in October climbed over 11%.
TO real estate
The Toronto Real Estate Board reports prices in the 416 rose 21% from a year ago, but shot up over 29% in the 905.
The average price of a home in the city, including all types of homes and condos, was $770,480.
However, the price of a detached home in Toronto was up 22%, topping $1.3-million while a similar home in the suburbs now costs, on average, $948,191.
A sharp contrast to Vancouver which saw a 40% drop in sales last month.
Some realtors expect Ottawa to take more steps next year to cool the market and protect consumers from taking on more household debt.
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