Blog

Strong Sales and Price Growth in September

The Toronto Real Estate Board reported 7,411 residential sales through the TorontoMLS system in September 2013, representing a 30% increase compared to 5,687 transactions reported in September 2012. Year-to-date, total residential sales reported through TorontoMLS amounted to 68,907 during the first nine months of 2013 – down by 1% compared to the same period in 2012.

toronto-real-estate-market-watch

“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 average selling price for September transactions was $533,797 – up by 6.5% year-over-year. Through the first three quarters of 2013, the average selling price was $520,118 – up by over 4% compared to the first nine months of 2012.

The MLS® Home Price Index composite benchmark for September was up by 4% year-over-year. The annual rate of growth for the composite benchmark has been accelerating since the spring of 2013.

“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.

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

Like Me on Facebook

Follow Me on Twitter

Link to Me on LinkedIn

 

Address

RE/MAX Hallmark Realty Ltd., Brokerage
723 Mount Pleasant Road
Toronto, ON
M4S 2N4

Brokerage

 

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 8/19/2017 6:34:46 AM