Toronto homebuyers are now over the doom and gloom of just a year ago when we all experienced the world financial crisis and a recession.

Toronto Realtors reported a total of 3,666 resales , an increase of 84 per cent over the same period last year. Prices on a year over year basis increased 10 per cent to an average resale price of $415,066.

Downtown Toronto Condominiums (C01) registered a 15 per cent increase is average price from October 2008 and North York Condos recorded a 16 per cent increase in average price to $338,703.

The biggest increase in average price including many upscale, luxury Condos was the Yorkville area (C02) that had an average resale price of $594,814 an increase from October 2008 of 37 per cent.

According to the Toronto Real Estate Board the average price of resales should be above the levels of both the fourth quarter of 2008 and the first quarter of 2009.

Resales across Canada also increased to 42,288 residential sales, a 41.5 increase over October 2008. The average resale price increased 20.7 per cent to $341,079.

The rise in the demand for resale homes has continued to reduce inventories of unsold homes resulting in higher prices and in some cases, bidding wars.