Both sales and prices continued their ascent in the GTA in September, according to data released by the Toronto Real Estate Board.
There were 7,658 transactions through the MLS system in September, which marked an impressive 25% increase year-over-year. Sales to the end of the third quarter were up 2.6% over the first nine months of 2010.
"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate board President Richard Silver. "Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead."