November 5, 2015 – Toronto Real Estate Board President Mark McLean
announced that Greater Toronto Area REALTORS® reported 8,804 home sales through
TREB’s MLS® System in October 2015. This is the best result on record for the
month of October. “It is clear that many GTA households remain upbeat about
home ownership because owning a home represents a high quality, long-term
investment. We will see a big, new record this year for home sales reported
through TREB’s MLS® System,” said Mr. McLean. “Despite the record October
result, I must point out that the Government of Ontario could hamper home sales
in the near future. The Wynne government is seriously considering allowing
municipalities throughout Ontario to institute a second land transfer tax on
top of the existing provincial tax. Recent polling has shown that the great
majority of Ontarians oppose this tax and would consider delaying a move if
they were forced to bear the additional upfront cost,” added Mr. McLean. The
MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year
over year in October. Over the same period, the average selling price for all
home types combined was up by 7.3 per cent to $630,876. Price growth continued
to be driven by the low-rise market segments. “Record sales coupled with a
constrained supply of listings in many GTA neighbourhoods has underpinned very
strong price growth throughout 2015. Even if we do see a greater supply of
low-rise listings in the marketplace over the next year, market conditions will
remain tight enough to see continued price growth well-above the rate of
inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home. “Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. “Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before ...
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