York Region home sales jump 13.5% between September and October: TREB
Housing sales slump over, Zoocasa says

YorkRegion.com
Nov. 2, 2017
Lisa Queen

York Region’s house sales rut may be over, according to the latest numbers from the Toronto Real Estate Board.

Sales increased 13.5 per in one month, jumping from 944 sales in September up to 1,072 sales in October.

That is still down 42.9 per cent from October 2016.

York’s sales mirror other regions in the Greater Toronto Area, said real estate broker Zoocasa, which analyzed the board’s figures.

"Similar to the other TREB regions, the sales slump that York Region had been experiencing these past few months has ended,” CEO Lauren Haw said.

“While sales and average prices are still down from the highs that we saw a year ago, this was influenced by a shortage of inventory, which has also recovered this month. We're expecting a busier real estate market this fall, as buyers rush to close deals before the new mortgage rules come into effect in January."

While sales in York are up, prices are down.

In September, the average price of a resale home in the region was $991,339, which dipped to $961,431 in October, a decrease of 3 per cent.

On a year-over-year basis, the average price is also down 3.5 per cent from October 2016's average of $997,033.

Active listings rose 3 per cent from September (4,537) to October 2017 (4,686), Zoocasa said.

Compared to October 2016 (2,247), active listings increased by 108 per cent. This points to a shortage of inventory driving last year's high sales and price figures, the broker said.