According to the Toronto Real Estate Board (TREB), there were 8,051 sales through the Multiple Listing Service (MLS) in September. Up by 10.9 per cent compared to September 2013.
September saw an average selling price of $573,676 - which is up by 7.7 per cent from the average selling price of $532,455 reported in September 2013.
"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in September 2014 was $475,000.
The median price in September 2013 was $449,000.
"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).