CONCLUSION
The Toronto residential market continued it’s strong performance in 2014 with a stellar month in October, breaking a number of records in the process. There were 8,552 sales reported in October, a substantial increase from the 8,051 reported in September. Compared to October 2013 the increase was even more dramatic. In October last year there were only 7,941 properties reported sold. Year over year this represents an increase of almost 8 percent. This performance raises the possibility that 2014 may be the best year on record for the greater Toronto market place.
October’s sales bring year-to-date sales to 81,974 residential properties. The record for sales in the greater Toronto area was achieved in 2007, when 93,193 properties were reported sold. As a side note, in 2007 the average sale price was only $376,236 compared to our current average sale price of $587,505. Although not a certainty it is conceivable that 2014 will become the year that exceeds 2007 for reported sales. If the market achieves 7,000 sales in November and 4,500 in December the six year old record will be at an end. These numbers are not unrealistic.
