- September Home sales up 21.5% year-over-year to 9,902
- Average home price $755,755, up 20.4% from a year ago and 6.4% from August
Toronto real estate market continued its red hot uptrend in September 2016. Home sales were up 21.5% year-over-year to 9,902 transactions, the highest on record for the month of September, and is 28% higher than the average sales from 2010 to 2016 for the month of September.
Sales of condos increased the most by 26.7%, followed by detached homes and townhouses.
York region had the largest sales increase of 35%. Breaking down by home types, condo sales increased by 50% while detached, semi, and townhomes by 35.6%, 29.7% and 31.9%, respectively.
Condo sales in Halton also had a substantial increase of 41%.
Average Home Price
Average home price increased 20.4% to $755,755 in September compared to a year ago. On a month-to-month basis, average price was up 6.4% from August.
Price for detached, semi, and townhomes increased by 23.6%, 18.8% to 21.8%, respectively. Price for condos increased by 9.3%.
The MLS Home Price Index (HPI), which allows for a more apple-to-apple comparison, was up by a lesser rate of 18% compared to September 2015.
Average price for a detached home in GTA surpassed the $1 million mark in September to $1,013,788.
New listings in September amounted to 15,111, a 22.5% increase from August. In particular, new listings of detached and semi-detached homes increased 33% and 30.9%, respectively, compared to August.
This brought new listings in September to just 2% below the 7 year average of 15,456 for the month of September between 2010 and 2016.
Year-over-year, total new listings were down 5.6% compared to September 2015. The decline was primarily driven by a 15.7% decline in condo new listings.
Shortage of new listings was most severe in the City of Toronto. Total new listings in Toronto was down 15% in September compared to a year ago.
York region saw an increase of 6.2% in new listings, although the increase was far from enough to offset the 35% increase in home sales in the region.
While total new listings remained in short supply, new listings of detached homes appeared to have stabilized somewhat in recent months.
Similarly, increase in new listings in September helped bring down the Sales-to-New Listings ratios, especially for low-rise homes. This is good news for many home buyers.