RealNet Canada's October results are out, and show for the third month in a row a decline in home sales across the GTA. Although the numbers may not seem very optimistic, there are some interesting trends to note. For example, October set the record for the second lowest low-rise home sales since the collection of such stats began 13 years ago, with 878 new homes sold, while at the same time October ranked as the fifth-highest month for high-rise home sales with 1,914 units sold. This is in part due to the fact that the average price of a low-rise home is currently sitting at $616,623 as opposed to the average high-rise price at $439,328.

October is only one month, and so far this year we are sitting at the fourth highest amount of high-rise sales ever. The overall downturn in the market is linked to the federal government's new borrowing and mortgage restrictions that have affected a lot of first time buyers, a demographic the market relies on to stay healthy. October also saw the the average home price in high-rise units jump 1.9% and low-rise units jump 15.7% from the previous year, having a impact on the ability to purchase across the board.

Construction CranesConstruction Cranes, Image by Jasonzed

Last year the development industry, which makes up a significant proportion of the GTA's economy, paid $10.1 billion in wages and created 193,000 jobs in Ontario. It is still unclear as to what effect these numbers will have on this industry, but with only 2,792 new homes sold in October, it may be a sign of more bumps in the road ahead.

The full RealNet Canada report on October Home Sales Statistics is available here.