Home sales climbed 12 per cent in the Toronto area in October over September, marking the biggest month-over-month growth in sales since the city saw its overheated housing market hit a sales peak in March.
The Toronto Real Estate Board said 7,118 homes were sold in the Greater Toronto Area in October, a 12-per-cent increase in sales from September but a decline of 27 per cent compared to record high sales in the same month last year.
«Every year we generally see a jump in sales between September and October,» TREB president Tim Syrianos said in a statement.
«However, this year that increase was more pronounced than usual compared to the past 10 years. So while the number of transactions was still down relative to last year’s record pace, it certainly does appear that sales momentum is picking up.»
TREB said the average GTA home sold for $780,104 in October, up 0.6 per cent from September and 2.3 per cent higher than the same month last year.
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