TORONTO, October 3, 2013 -- Greater Toronto Area REALTORS reported 7,411 home sales through the TorontoMLS system in September 2013, representing a Thirty % increase compared with 5,687 transactions reported in September 2012. YTD, total home sales reported through TorontoMLS amounted to 68,907 during the first nine months of 2013 down by one % compared to the same period in 2012.
"It's superb news that homes have found that the costs of home possession, including home loan payments, remain cheap.
The average selling price for Sep transactions was $533,797 up by 6.5 % year-over-year. This is why the third quarter was identified by replenished growth in home sales in the GTA. Through the 1st 3 quarters of 2013, the average selling price was $520,118 up by over four percent compared to the 1st 9 months of 2012.
The MLS Home Price Index composite baseline for September was up by four % year-over-year. The annual rate of expansion for the composite baseline has been accelerating since the spring of 2013.
"The price growth story in Sep continued to be about strong requirement for low-rise home types, coupled with a short supply of listings. Even with slower price expansion and month-to-month volatility in the condo flat market, overall yearly price growth has been well above the rate of inflation this year. This scenario may continue to play out through what's left of 2013," said Jason Mercer, TREB's Senior Manager of Market Research.
"It's superb news that homes have found that the costs of home possession, including home loan payments, remain cheap.
The average selling price for Sep transactions was $533,797 up by 6.5 % year-over-year. This is why the third quarter was identified by replenished growth in home sales in the GTA. Through the 1st 3 quarters of 2013, the average selling price was $520,118 up by over four percent compared to the 1st 9 months of 2012.
The MLS Home Price Index composite baseline for September was up by four % year-over-year. The annual rate of expansion for the composite baseline has been accelerating since the spring of 2013.
"The price growth story in Sep continued to be about strong requirement for low-rise home types, coupled with a short supply of listings. Even with slower price expansion and month-to-month volatility in the condo flat market, overall yearly price growth has been well above the rate of inflation this year. This scenario may continue to play out through what's left of 2013," said Jason Mercer, TREB's Senior Manager of Market Research.
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