There were 8,051 transactions reported through the TorontoMLS system in September – a 10.9% increase compared to last year.
On a year-to-date basis, sales are up by 6.9% to 73,465 transactions.
"The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," says Paul Etherington, president of the Toronto Real Estate Board.
The average selling price for September 2014 transactions was $573,676 – up by 7.7% compared to the same period in 2013.
Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semi-detached houses and for condominium apartments.
The average selling price year-to-date was $563,813 – up 8.5% compared to the first nine months of 2013.