September average selling prices were up compared to last year for all home types. An increase of more than 8.5 percent and the average selling price for last month’s transactions was $503,662. There’s a price growth in the City of Toronto, especially for condominium apartments with an eight per cent year-over-year growth. The Greater Toronto Area (GTA) REALTORS® reported that there were 5,879 transactions that went through the TorontoMLS system.
The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.
“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market Analysis, Jason Mercer.
“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing,” said Toronto Real Estate Board (TREB) President Ann Hannah.
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