Home sales in Greater Toronto Area smash record

Separately, the Canadian government said in early October it will tighten mortgage rules and close a tax loophole on home sales, seeking to rein in both foreign investors and indebted consumers in its latest move to cool a market that some have called a housing bubble.

The month of October closed out with record high homes sales in the Greater Toronto Area.

A total of 2,233 homes were sold in the month, which was 15% below the 10-year average for October.

The record-high sales were in contrast to Vancouver, where home sales dropped 38.8 per cent last month compared with a year ago, according to the Real Estate Board of Greater Vancouver.

"Potential buyers are taking a wait-and-see approach to try and better understand what these changes mean for them", he said in a statement Wednesday.

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On Friday, data from British Columbia's finance ministry showed that foreign buyers sharply scaled back buying in the Vancouver region, making up just 1.8 percent of home sales in September from 13.2 percent in the period just before the tax started.

Attached property sales, meanwhile, plunged 39.5 percent to 403, with benchmark prices at C$669,200 ($499,738.63), still up 25.7 percent from a year ago. The number of attached homes sold fell 40%, from 666 units past year to 403, and apartment sales were down 24%, from 1,543 to 1,178 units.

Prices rose substantially as well, with average home costs up 21.1% to $762,975. Prices were down 1.4% compared with September.

There were 9,768 properties sold in October, up 11.5 per cent from the same month previous year, the board said. Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300.

  • Sonia Alvarado