There was 7,411 residential sales reported to the Toronto MLS system in September 2013, representing a 30% increase compared to the 5,687 transactions reported in September 2012. Year-to-date, total residential sales amounted to 68,907 during the first 9 months of 2013, down by one percent compared to the same time period in 2012.
"It's great news that households have found that the cost of home ownership, including mortgage payments, has remained 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 the year, as the pent up demand that resulted from stricter mortgage lending guidelines continues to be satisfied," said TREB President Diane Usher.
"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 market, overall annual price growth has been well above the rate of inflation this year. The scenario will continue to play out through the remainder of 2013," said Jason Mercer, TREB's Senior Manager of Market Analysis.