Monday, October 17, 2011

Average Toronto house price jumps to $463,480

The fall weather has yet to cool house sales with sales of newly listed homes up 2.7 per cent in September over August and 11 per cent from a year earlier.

A total of 361,749 houses were bought and sold via the MLS listings system between January and September, 1.2 per cent more than over the same period last year, according to statistics released Monday by the Canadian Real Estate Association.

“The Canadian housing market remains a bright spot against a backdrop of mixed headline news about the global economy,” said CREA president Gary Morse in a statement.

Toronto was one of a few cities that continue to lead the way. Seasonally adjusted house prices averaged $463,480 from January to September, up 7.6 per cent over the same period last year, the statistics show.

New listings have been edging up in Toronto where a shortage of inventory earlier in the year, coupled with higher than usual demand, led to bidding wars that pushed house prices to higher than normal levels in some Toronto neighbourhoods.

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