Home sales in the Greater Toronto Area (GTA) and Metro Vancouver rose in October from a year earlier, according to the latest real estate data.
The average price of a home in the GTA housing market climbed to an all-time high as competition among buyers remained red hot.
The Toronto Regional Real Estate Board (TREB) said that 9,783 properties changed hands in October, representing an 8% increase from September but a 7% drop from a year earlier.
The number of new listings fell 13% month-over-month in October. Compared to a year earlier, while inventories plunged 34%.
High demand and constrained supply helped push home prices even further into record territory as the average selling price of a property in the GTA rose to $1.16 million in October.
Meanwhile in Vancouver, home sales in the region fell 5.2% compared with a year ago, but remained above historical averages. The regional real estate board said home sales totaled 3,494 in October, down from 3,687 in October 2020.
The drop in Vancouver sales compared with a year ago came as the number of newly listed homes on the Multiple Listing Service (MLS) fell to 4,049 in October compared with 5,571 a year earlier.
The total number of homes listed for sale on the MLS system in Metro Vancouver was 8,034, compared with 12,416 in October last year.
The MLS home price index composite benchmark price for all residential homes in Metro Vancouver was $1.12 million in October, up 14.7% from the same month of 2020.