By Robert Carry
Sales of existing homes in Toronto area have recorded a massive 64% increase in October compared to the same month last year.
Some 8,476 sales were finalised during the month, according to new figures from the Toronto Real Estate Board.
The statistics showed that the average price for a home up by 20% to reach a record high of $423,559 over the same period.
"After a short dip in the winter, the average home price has rebounded because sales have been high relative to listings," said TREB's senior manager of market analysis Jason Mercer.
Year-to-date sales increased by 9% compared to the year to October 2008. However, active listings were down by 46% for the month.