September 2013 Resale Home Sales

Greater Toronto Area REALTORS® 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 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.

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.


    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 2,789 $571,410 5,994 2185 $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
             
             
Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 972 31.7%   $856,169 10.2%  
Rest of GTA ("905") 2717 34.6%   $608,866 7.1%  
GTA 3689 33.9%   $674,027 7.9%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 298 13.3%   $616,049 1.9%  
Rest of GTA ("905") 458 25.5%   $405,920 3.2%  
GTA 756 20.4%   $488,749 1.5%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 291 18.3%   $455,518 7.5%  
Rest of GTA ("905") 877 35.8%   $388,727 11.5%  
GTA 1168 30.9%   $405,368 9.7%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1203 31.5%   $363,149 -3.7%  
Rest of GTA ("905") 467 22.3%   $290,239 2.9%  
GTA 1670 28.8%   $342,760 -1.8%  
             
Source: Market Watch Monthly News Release        
             

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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