Toronto housing market still on fire, adding heat to national debate / November 5th, 2014.
Home prices continued to rise across the Greater Toronto Area in October, matching similar gains in Calgary and Vancouver which should continue to inflate national housing numbers due out later this month.
The Toronto Real Estate Board said Wednesday the average sale price in the region in October was $587,505, an 8.9% increase from a year ago. While condominium prices have slowed, low rising housing prices continue to rise with the average detached home selling for $951,746 in October, an 8.7% increase from a year ago.
“Strong growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Paul Etherington, president of the board, in a release.