According to the Toronto Real Estate Board (TREB), there were 7,411 sales through the Multiple Listing Service (MLS) in September. Up by 30 per cent compared to September 2012. September saw an average selling price of $533,797 - which is up by almost 6.5 per cent from the average selling price of $520,118 reported in September 2012.
“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.
The median price in September 2013 was $449.000.
The median price in September 2012 was $420,000.
“The price growth story in September continued to be about strong demand for low-rise home types, coupled with a short supply of listings. Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has been well above the rate of inflation this year. This scenario will continue to play out through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).