TORONTO AND AREA HOUSING MARKET STAYS HOT IN OCTOBER

Despite the recent introduction of new federal mortgage rules, home sales in Toronto in October claimed over 11%.

The Toronto Real Estate Board reports prices in the 416 rose 21% from a year ago, but shot up over 29% in the 905.

The average price of a home in the city, including all types of homes and condos, was $770,480.

However, the price of a detached home in Toronto was up 22%, topping $1.3-million while a similar home in the suburbs now costs on average $948,191.

A sharp contract to Vancouver which saw a 40% drop in sales last month.

Some realtors expect Ottawa to take more steps next year to cool the market and protect consumers from taking on more household debt.

The post TORONTO AND AREA HOUSING MARKET STAYS HOT IN OCTOBER appeared first on Zoomer Radio AM740.