Both the number of existing homes that changed hands in Toronto during the first two weeks of September and the average sale price were up more than eight per cent from the same period last year, according to the Toronto Real Estate Board’s latest numbers.
The stronger start to the typically active fall homebuying season compared to September 2013 can be viewed as a sign that the Toronto market is in for a busier 2014 fall period.
TREB recorded 3,297 home sales in the first half of the month, an 8.3 per cent rise from last year, as well as an 8.1 per cent increase in the average price, which came in at $555,890.
“The sales result for the first two weeks of September showed strong growth for most major home types, indicating that home buyers continue to find homes that meet their needs and budgets,” said Toronto Real Estate Board President, Paul Etherington, in a press release.
Single-detached and semi-detached homes saw the strongest average price growth.
Year-to-date sales through September 14th — at 68,731 — were also up by 6.6 per cent compared to 2013, and the average year-to-date selling price jumped 8.5 per cent year-over-year to $562,244.
TREB’s market analysis director, Jason Mercer, also pointed out that while the condo market remains comparatively better supplied than low-rise singles, semis and towns, there are enough buyers relative to available condo listings to prompt very strong average price growth in the high-rise segment.
For more details, check out the table below: