The GTA housing market refused to cool down in September with the Toronto Real Estate Board (TREB) reporting 5,687 sales last month, a 30 per cent increase from the same time last year. Altogether, home sales held steady, with the total year-to-date transactions for the first nine months of the year down just 1 per cent compared to the same period in 2012.
The flurry of sales activity pushed the price of an average home in the GTA up 6.5 per cent, year-over-year to $533,797. Through the first three quarters of 2013, the selling price averaged $520,118 – up by over four per cent from to the first nine months of 2012.
Also up: the The MLS Home Price Index composite benchmark for September, which saw a four per cent year-over-year uptick. The annual rate of growth for the composite benchmark has been increasing steadily since the spring of 2013.
“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 in the news release.
Here’s how the numbers played out:
The biggest price gainers
- Townhouses in the 905 were a hot commodity; they saw an 11.2 per cent increase to a new average price of $388,727.
- Detached houses in Toronto proper continue becoming pricier, now averaging at $856,169 (a 10.2 per cent rise from 2012).
- Townhouses in the 416 also proved popular, rising in price by 7.5 per cent to $455,518.
The biggest sellers
- The townhouses in the 905 saw a 35.8 per cent increase in sales since 2012.
- Detached houses proved to be hot in the 905 as well with a 34.6 per cent boost in sales year-over-year.
- Low-rise homes continued to be in high demand in Toronto proper with detached home sales rising by 31.7 per cent since last September.
For more details, check out the chart below…Grant MacDonald/Flickr