The Toronto Real Estate Board says home sales rose 14 per cent in October compared with a year earlier even as prices rose.

The board says there were 8,491 sales in the Greater Toronto Area in the month, up from 7,448 sales in October 2018.

The composite benchmark price rose by 5.8 per cent in the month for the strongest annual growth rate since December 2017, while the average selling price was up 5.5 per cent to $852,142.

Detached home sales rose 19.6 per cent with the average selling price up three per cent to $1.05 million. Condo sales were up 5.1 per cent with the average selling price up 9.6 per cent to $617,410.

Prices climbed as Toronto’s population continued to grow and the number of new listings in the month dropped by 9.6 per cent to 13,050.

A lack of housing supply is also pushing up rental rates. TREB says the average rent for a one-bedroom apartment was up 5.8 per cent so far this year compared with last at $2,209, while rent for a two-bedroom apartment was up 4.7 per cent to $2,888.