Besides July, October for some reason always seems to be one of the longest months of the year. And it was a busy one for us. We're sure for many of you as well. So let's quickly re-cap October 2018.

Thanksgiving

We kept our tradition of Thanksgiving this year and pardoned a turkey by feasting on other meats instead. Our famous or infamous Muskoka room once again became the host for a few of our close friends to indulge in some delicious cuisines and drinks. Overall, it turned out to be a great evening.

Cannabis Is Now Legal in Canada

As of October 17, 2018, recreational use of Marijuana is now legal across Canada. In Ontario, you must be 19 and older to buy, use, possess and grow recreational cannabis. This is the same as the minimum age for the sale of tobacco and alcohol in Ontario. As a buyer, a condition on review by a home inspector and other contractors would be appropriate to ensure that the home has not sustained damage that would affect the decision to purchase. As a seller, it is strongly suggested to disclose any significant damage that the house may have sustained as a result of growing cannabis. 
Although large-scale grow-ops will remain illegal and void most homeowner’s policies that are faced with related claims, there remains uncertainty with the home cultivation of cannabis. According to the Insurance Bureau of Canada, questions about home-grown marijuana will become routine when applying for or renewing policies. 

Ontario Municipal Elections

Ontario held province-wide elections this October. Toronto council is now much smaller with 25 City Councillors and Mayor John Tory got re-elected. Mississauga and Oakville kept the status quo and also re-elected their mayors. As far as the housing policy is concerned, we're not anticipating any major changes as a result of this year's municipal elections. 

October Market Update

Greater Toronto Area REALTORS® reported 7,492 sales through TREB's MLS® System in October 2018 – a 6% increase compared to October 2017.  On a preliminary seasonally adjusted basis, sales were down by 1% compared to September 2018

The average sale price for October 2018 was up 3.5% on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up one per cent compared to September 2018.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.6 per cent compared to October 2017.  Price growth continued to be driven be the condominium apartment and higher density low-rise market segments.