House sales skyrocketed by 29 per cent year over year across the GTA as of mid-September, with the highly watched condo sector leading the way, according to figures released by the Toronto Real Estate Board Tuesday.
Condo sales were up 36 per cent across the GTA – 42.6 per cent in the City of Toronto – with prices up 2.4 per cent over mid-September of 2012, spurred on largely by recent increases in fixed-rate mortgages and buyers rushing to get into the market before 90- and 120-day mortgage pre-approvals expire.
Overall sales of everything from detached homes to townhomes and condos were up 29 per cent as of mid-month, year over year. Prices increased four per cent with the average residential home price across the GTA now some $514,560, according to TREB.
“The strong growth in sales that we have seen over the past two-and-a-half months indicates that GTA households are approaching home ownership with a renewed sense of confidence,” said TREB president Dianne Usher in a statement.
“Prospective home buyers have taken a hard look at their household balance sheets over the past year and have found that, despite stricter lending guidelines, there are affordable property types from which to choose.”
The average sale price in the City of Toronto now stands at $531,388, down from $534,782 as of mid September of 2012.
That compares to $504,909 in the 905 regions, up from $473,031 at this time last year.
Detached homes across the GTA saw a 27.3 per cent increase in sales and 5.2 per cent climb in prices. Semi-detached home sales were up 29 per cent as of mid September and prices down 2.7 per cent, lead largely by an almost five per cent decline in the City of Toronto.
Townhome sales climbed almost 30 per cent, while prices were up 9.2 per cent in mid September.
Sabrina Wong, Sales Representative
Century 21 Atria Realty Inc., Brokerage