With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages.
The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.
“Over the past several years, higher lending rates and the stress test pushed many out of the detached housing market. However, recent declines in rates, combined with prices that are lower than several years ago, have brought back some of that demand,” said CREB® chief economist Ann-Marie Lurie.
“This is helping support more balanced conditions and price improvements in the market. However, price improvements are not occurring across all…