TORONTO, October 3, 2013 — Greater Toronto Area REALTORS reported 7,411 home sales through the TorontoMLS system in September 2013, representing a 30 % increase compared against 5,687 transactions reported in September 2012. YTD, total home sales reported through TorontoMLS amounted to 68,907 in the first nine months of 2013 down by one percent compared with the same period in 2012. That’s why the third quarter was identified by replenished growth in home sales in the GTA.
"It’s good news that households have revealed that the expenses of home ownership, including home loan payments, remain affordable. We expect to see sales up for what’s left of 2013, as the stored up demand that resulted from stricter mortgage lending suggestions is still satisfied," related Toronto Real Estate Board President Dianne Usher.
The average selling price for Sep transactions was $533,797 up by 6.5 percent year-over-year.
The MLS Home Price Index composite benchmark for September was up by 4 percent year-over-year. Through the 1st three quarters of 2013, the average selling price was $520,118 up by over four percent matched against the first nine months of 2012.
"The price expansion story in Sep continued to be about robust requirement for low-rise home types, joined with a short supply of lists. Even with slower price growth and month-to-month volatility in the condo flat market, overall yearly price expansion has been well above the rate of inflation this year. This eventuality will continue to play out through what’s left of 2013," said Jason Mercer, TREB’s Senior Manager of Market Research.