The Toronto region’s strong economy and growing population are continuing to push the cost of real estate higher with the average home price — including all kinds of houses and condos — rising 5.5 per cent year over year to $852,142 in October.

Sales rose 14 per cent as the number of new listings continued to trend down, falling 9.6 per cent year over year, according to the Toronto Real Estate Board (TREB).

Prices were up 0.1 per cent on a seasonally adjusted basis compared to September.

Board CEO John Di Michele used the numbers to urge the new federal government to consider making it easier for consumers to purchase homes. During the election, the Conservative party campaigned on longer amortization periods and loosening the mortgage stress test rules that require consumers to qualify at rates 2 per cent higher than the interest charged by the bank. The NDP also supported longer amortization periods.

“These and other housing-related policy options should be brought forth in the new minority parliament,” said Di Michele in a release on Tuesday.

The board’s chief analyst Jason Mercer said home prices will keep climbing if sales continue to outpace listings, leading to more competition among buyers.

The 141,656 new resale home listings in the Toronto region this year to date is just slighter fewer than the 140,558 during the first 10 months of 2018.

Detached houses in the region sold for $1.05 million on average — 3 per cent above October 2018. In Toronto, a house with a yard averaged $1.32 million, a 1.1 per cent increase. But in the region, the average detached house price of $952,574 was 4.2 per cent higher than a year earlier.

Condo prices are still rising faster — up 9.6 per cent year over year in the region in October to $617,419 on average. Peel Region saw the biggest condo price gain of 14.95 per cent last month.

Even in York Region, where the real estate recovery has been slower, prices of all home categories were 1.23 per cent higher than last year on the Multiple Listings Service Home Price Index.

The average rent for a one-bedroom apartment in the Toronto area is up 5.8 per cent this year to date to an average $2,209. Two-bedroom apartments averaged $2,888 this year to date, up 4.7 per cent.

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