"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 per cent year-over-year. Through the first three quarters of 2013, the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012.
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The MLS® Home Price Index composite benchmark for September was up by four per cent 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.
|Sales||Average Price||New Listings||Sales||Average Price||New Listings|
|City of Toronto ("416")||2,789||$571,410||5,994||2,185||$544,744||6,313|
|Rest of GTA ("905")||4,622||$511,100||8,944||3,502||$474,236||8,825|
|TorontoMLS Sales & Average Price By Home Type September 1 - 30, 2013|
|Yr./Yr. % Change||31.7%||34.6%||33.9%||10.2%||7.1%||7.9%|
|Yr./Yr. % Change||13.3%||25.5%||20.4%||1.9%||3.2%||1.5%|
|Yr./Yr. % Change||18.3%||35.8%||30.9%||7.5%||11.5%||9.7%|
|Yr./Yr. % Change||31.5%||22.3%||28.8%||-3.7%||2.9%||-1.8%|
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