Sales across the GTA were up 30 per cent in September, year over year, and prices were up 6.5 per cent over September 2012, according to figures released Thursday by the Toronto Real Estate Board.
Toronto house sales – and prices – continue to climb despite the best efforts by Ottawa to cool a market that shows no signs of giving buyers a breather.
Sales across the GTA were up 30 per cent in September, year over year, and prices were up 6.5 per cent over September 2012, according to figures released Thursday by the Toronto Real Estate Board.
The average transaction price for houses and condos combined last month was $533,797.
So far, three-quarters of the way through 2013 — and what was looking, a year ago, like the start of a significant slump in the resale housing market in the wake of tighter mortgage lending rules imposed by Ottawa — some 68,907 houses and condos have changed hands across the GTA.
That’s down by just one per cent over the pace of sales recorded by TREB during the same nine-month period of 2012.
The average sale price during that same nine months of 2013 has been $520,118, up more than four per cent from the first three quarters of 2012.
Condos continued a surprising surge, which started this past summer, with sales up 28.8 per cent year over year — up 31.5 per cent in the City of Toronto and 22.3 per cent in the 905 regions.
Average sale prices, however, were down 3.7 per cent in the city but up 2.9 per cent in the suburbs. That resulted in an almost 2 per cent decline in condo prices overall across the GTA from September of 2012 to the same month this year.
“The price growth story in September continued to be about strong demand for low-rise home types, coupled with short supply of listings,” says Jason Mercer, TREB’s senior manager of market analysis.
“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 through the remainder of 2013.”
Published on Thu Oct 03 2013 -The Star Real Estate
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