GTA REALTORS® reported 7,569 residential transactions through the TorontoMLS system in September 2013 [Video]

The average selling price for September transactions was $533,797 – up by 6.5 per cent year-over-year.

Greater Toronto Area REALTORS® reported 7,411 residential sales through the TorontoMLS system in September 2013, representing a 30 per cent increase compared to 5,687 transactions reported in September 2012. Year-to-date, total residential sales reported through TorontoMLS amounted to 68,907 during the first nine months of 2013 – down by one per cent compared to the same period in 2012.

"It’s great news that households have found that the costs of home ownership, including mortgage payments, remain 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 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied," said Toronto Real Estate Board President Dianne Usher.

The average selling price for September transactions was $533,797 – up by 6.5 per cent year-over-year. Through the first three quarters of 2013, the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012.

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The MLS® Home Price Index composite benchmark for September was up by four per cent year-over-year. The annual rate of growth for the composite benchmark has been accelerating since the spring of 2013.

"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 apartment market, overall annual price growth has been well above the rate of inflation this year. This scenario will continue to play out through the remainder of 2013," said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price September 1 - 30
2013							2012
Sales		Average Price		New Listings		Sales			Average Price		New Listings
City of Toronto ("416")	2,789		$571,410		5,994			2,185		$544,744		6,313
Rest of GTA ("905")	4,622		$511,100		8,944			3,502		$474,236		8,825
GTA	7,411		$533,797		14,938			5,687		$501,326		15,138
TorontoMLS Sales & Average Price By Home Type September 1 - 30, 2013
Sales							Average Price
416		905		Total		416			905		Total
Detached	972		2,717		3,689			856,169		608,866		674,027
Yr./Yr. % Change	31.7%		34.6%		33.9%			10.2%		7.1%		7.9%
Semi-Detached	298		458		756			616,049		405,920		488,749
Yr./Yr. % Change	13.3%		25.5%		20.4%			1.9%		3.2%		1.5%
Townhouse	291		877		1,168			455,518		388,727		405,368
Yr./Yr. % Change	18.3%		35.8%		30.9%			7.5%		11.5%		9.7%
Condo Apartment	1,203		467		1,670			363,149		290,239		342,760
Yr./Yr. % Change	31.5%		22.3%		28.8%			-3.7%		2.9%		-1.8%

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Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 36,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.