Wake Up Toronto by Adrian Berg
After a slightly calmer month of August, another record sales month is here. Greater Toronto Area REALTORS® reported a record number of transactions for the month of September. TREB’s MLS® System recorded 8,200 sales, which represented an 1.8 per cent increase compared to September 2014.
"We are on track for record home sales reported through TREB's MLS® System this year."
said Toronto Real Estate Board President Mark McLean. He remarked that total transactions reported by TREB are expected to reach 100,000 this year.
"This is a testament to the importance that GTA households put on home ownership as a long-term investment."
The average selling price for all home types combined was up by 9.36 per cent in comparison to September 2014, reaching $627,395. The MLS® Home Price Index (HPI) Composite Benchmark Price was up as well, by 10.5 per cent. Although a slight growth (2.45 per cent) has been recorded for new listings, the number of active listings remained below last years’ level by 7.30 per cent. All these numbers indicate strong competition between buyers.
"While September was the second straight month where annual growth in new listings outstripped annual growth sales, total active listings at the end of the month still remained below last year's level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016,"
said Jason Mercer, TREB's Director of Market Analysis.
On the other hand, the C02 area statistics seem to be entirely different. Despite the high sales in almost all of the GTA areas, the number of transactions remained exactly the same in the C02 area. We saw a 10.17 per cent rise in new listings, and the inventory from previous months was higher, too—285 active listings represent a 15.85 per cent growth compared to September 2014. Similarly, the prices in this area haven’t grown like they did in the other areas. The average price went down by 5.24 per cent year-over-year to $1,195,649.