October home sales are slowing down a bit throughout the GTA, but there still remains plenty of competition for the homes that are on the market, especially up here in Vaughan.
For the month of October, Vaughan saw 307 home sales, which averaged 97% of the asking price. The average home spent just 25 days on the market before being sold. As you can see, despite a slight drop in overall sales in the GTA, Vaughan is still a hot area for home buyers. New construction in the Vaughan area also remains strong, including a proposed condo development being planned next to the Vaughan Mills Mall.
The average selling price in October across the GTA was $503,479, while in Vaughan the average selling price was $624,405. With more and more families heading north of the city, homeowners in Vaughan are benefiting from this influx of homebuyers and helping to keep home prices steady while many parts of the GTA are seeing a slight decline.
Greater Toronto REALTORS® reported 6,896 transactions through the Toronto MLS® system in October 2012, a decrease of 7.1% compared to October 2011. Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase
The average selling price for October transactions was $503,479, up 6.2% compared to October 2011. The MLS® Home Price Index composite benchmark price was up by 5.1%.
Price increases are well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists.
(Source: Toronto Real Estate Board)