*October Stats 2016 are out and the Toronto Market broke all records! AGAIN.
*Sales were up by almost 12% …driven largely in the city by condo sales.
*Average sale prices SOARED by 21% to $763,000
*New listings were flat to last year at this time and total listings PLUNGED by 35%
*Days on market also TOOK A DIVE by 27% to 16 days (from 22 last year)
*Condo sales ROSE by 22% and now the average sale prices are rising in the DOUBLE DIGITS …
*Condos are now 13% more expensive, on average, at a whopping $429, 000.
** The break in Land Transfer Taxes for first time buyers in the condo market came just in time. This should be a help and will likely boost sales as well. See my Recent BREAKING NEWS blog for more details!