Average Resale Home Price
Another month has passed and the Greater Toronto Realtors® released their newest stats. The figures report 7,658 transactions through the Toronto MLS® system in September representing a 25 per cent increase compared to September 2010. The first three quarters of 2011 were pretty strong with a decent number of 70,588 sales. That means a 2.6 per cent growth in home sales over the first nine months of the last year.
Richard Silver, the Toronto Real Estate Board President,commented on the strong third quarter, “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.“
Market competition became tighter as annual growth in sales (25 per cent) highly exceeded over annual growth in new listings (15 per cent) in September resulting in a nearly 10 per cent hike of the average selling price on a year-over-year basis. However, the Toronto Real Estate Board experts claim that “the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead.“
Huge increase in prices through the first three quarters of the year was substantially reduced by low interest rates and rising incomes, according to the Toronto Real Estate Board´s Senior Manager of Market Analysis Jason Mercer. Moreover, he explains “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area.“