People are indeed selling and getting HUGE dollars for properties that otherwise might not. OR.....
.... those high multiple offer prices just became the new norm.
GTA REALTORS® REPORTING SEPTEMBER RESALE MARKET FIGURES
TORONTO, October 5, 2009 - In September 2009, Greater Toronto REALTORS® reported
8,196 sales, up 28 per cent from September 2008. The average price for September
transactions was $406,877 – up by 10 per cent compared to the same month last year.
"We have experienced an increasing rate of existing home price growth in the GTA as sales
have continued to outpace 2008 results," said TREB President Tom Lebour. "Consumers have
remained confident in ownership housing as a long-term investment."
Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008.
Average price, at $388,417 was up by almost 1.5 per cent.
"Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area," according to
Jason Mercer, TREB's Senior Manager of Market Analysis.
David Pylyp; This just keeps going, higher and higher. What is driving this frenzy and imbalance? Should we have a seasonal adjustment? A time out? Rates are incredible.