The Toronto Real Estate Board (TREB) released the September 2013 resale housing figures report today. The numbers show the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012 and an increase of 30% in residential sales compared to September 2012. “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. Check out the report below or click here to view the news release.
TORONTO, October 3, 2013 — Greater Toronto Area REALTORS® (TREB) reported 7,411 residential sales through the TorontoMLS system in September 2013, representing a 30 per cent 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 one per cent compared to the same period in 2012.
“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 TREB 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.
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.
| Summary of TorontoMLS Sales and Average Price September 1 – 30 | |||||||||||||
| 2013 | 2012 | ||||||||||||
| 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 | |||||||
| GTA | 7,411 | $533,797 | 14,938 | 5,687 | $501,326 | 15,138 | |||||||
TorontoMLS Sales & Average Price By Home Type September 1 – 30, 2013 SalesAverage Price 416905Total416905Total Detached9722,7173,689856,169608,866674,027 Yr./Yr. % Change31.7%34.6%33.9%10.2%7.1%7.9% Semi-Detached298458756616,049405,920488,749 Yr./Yr. % Change13.3%25.5%20.4%1.9%3.2%1.5% Townhouse2918771,168455,518388,727405,368 Yr./Yr. % Change18.3%35.8%30.9%7.5%11.5%9.7% Condo Apartment1,2034671,670363,149290,239342,760 Yr./Yr. % Change31.5%22.3%28.8%-3.7%2.9%-1.8%