According to the Toronto Real Estate Board’s latest release of MLS Listing Statistics for the month of September, home sales in Toronto are up 10.9 per cent compared to the same time last year. In the third quarter of this year compared to last year, sales increased by 6.9 per cent.
“Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales through 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,” said Paul Etherington, the president of the Toronto Real Estate Board. “The share of the average household’s income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid.”
The average selling price during the month of September was $573,676, which is 7.7 per cent higher than September 2013.
“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,” said the Director of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “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.”