Photo: liz west/Flickr
Sales for all home types were up in the GTA in the first half of the month, marking a strong hand-off from the third quarter into the fourth quarter, according to the Toronto Real Estate Board.
The number of existing homes that changed hands in Toronto during the first two weeks of October rose by 12.2 per cent compared to the same time last year, says TREB, which tracks the city’s market by way of the Toronto MLS.
The number of new listings in Toronto also increased over the same period, by 5.9 per cent, and the average selling price jumped to $583,719, an 8.8 per cent increase compared to 2013.
TREB, which represents about 39,000 realtors in the Toronto area, cites the low-rise market segments, including detached and semi-detached houses and townhouses, as driving price growth.
“This suggests that a great diversity of home buyers remain active in today’s market, from first-time buyers looking for affordable home ownership options through to high income households looking to purchase a luxury property,” said Paul Etherington, TREB’s president.
Jason Mercer, TREB’s director of market analysis, added that the board expects sellers’ market conditions to remain in place for the remainder of this year and into 2015.
“This means that high single-digit rates of price growth for singles, semis and townhouses will likely remain the norm over the next few months,” he said.
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