Average Price Up in October, Despite Fewer
Average Price Up in October, Despite Fewer Sales
Sales Transactions Decrease In October
Greater Toronto Area REALTORS® reported 6,896 transactions through the Toronto MLS system in October 2012 a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.
Average Selling Price Up 6.2% Over Last Year
The average selling price for October transactions was $503,479 up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.
Boomers Turning to Real Estate to Help them Save
Some 87% of boomers have seen their homes skyrocket in value, nearly half reporting gains of 50% or more, especially in cities like Toronto, Vancouver and Calgary, a recent report notes. Many Baby Boomers are buying the most expensive house they can afford in their 50s, with the notion of cashing out as they ready for retirement. Click Here To Read The Article.
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