October’s average home sale price was up 9 per cent on a year earlier in Toronto according to figures from local real estate board.

The average price paid was $587,505 with a shortage of low-rise homes driving the hot sellers’ market. 

Detached home sales were up 10 per cent on a year before with prices increasing 8.7 per cent; condo sales were up 6.8 per cent with prices rising 2.5 per cent.

Listings were up although active listings were lower.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: