The GTA real estate market continues to be positively steady with October 2011 sales up 17.5% at 7,642 compared to the 6,504 sales in October 2010.
The average price in GTA is now up 8% at $478,137 compared to $442,799 in October 2010 with an 18.1% increase in new listings and 2.8% decrease in the length of time a listing stays on the market before it is sold.
This shows very good news for the Toronto real estate market and economy which is largely due to the low interest rates that are looking to remain as is until 2013 according to the Bank of Canada.
The increase in listings is a great sign that the market is equaling itself out which will help keep Toronto home prices more affordable.
All in all what does this mean? Now is a great time to buy and sell!