Median sale price in double figures for September

Toronto, ON

In development news, it was announced that the town-owned land located at the southwest corner of Yonge Street and Major Mackenzie Drive will be transformed into an all-year-around community space with new municipal offices and an expanded central library. In other news, the Province of Ontario announced in June 2016 that it will be providing over $55 million dollars to Metrolinx to continue the planning and designing work for the proposed Yonge North Subway extension which would extend from the existing Finch Station to Highway 7. Looking at the latest market data, year over year the median sale price jumped 28.5% to $1,100,000 in October 2016 vs. $825,000 in October 2015. September was a busy month for home sales with 395 sales recorded vs. 345 sales two months earlier in July. Inventory also rose in September to 624 listings vs. 543 in July. Naturally, with this kind of activity, the average days on market lowered— dropping to 15 days in September vs. 18 days in July.