Toronto real estate. GTA home sales up 64%, prices up 20%

GTA home sales skyrocketed 64%, with gains at every price point, says the Toronto Real Estate Board.

Nearly 8,500 homes were sold, up 64% from last October, with the average price at $423,559 - up by 20% compared to the same month last year.

“It has been GTA-wide,” Jason Mercer, TREB’s senior manager of market analysis, said today. ‘‘The 416 neighbourhoods versus the 905 neighbourhoods are all pretty much in line and the same applies when we’re talking about price.’’

Sales growth occurred across all property classes, from existing homes, to low-rises, and apartments, across the GTA. Even luxury home sales of over $750,000, which saw the greatest increase in sales, bounced back after a steep decline last year.

“We’ve seen this resurgence for the demand of existing homes since the spring. Consumer confidence is growing more broadly .... big ticket items like housing has been at the forefront of recovery,” Mr. Mercer said.

TREB anticipates sales and price increases will continue in November and December. Mr. Mercer also said more homes will hit the market in early 2010 once homeowners see the increase in property values.

“We’re expecting to see homeowners selling their homes in 2010. We won’t see decline in sales, but there will not be a sustained period of double-digit price increases,” Mr. Mercer said.