TREB September 2014-compressed Photo: Jude Freeman/Flickr

Greater Toronto home sales continue their strong momentum upward, with September sales jumping 10.9 per cent above the same month last year, according to data released by the Toronto Real Estate Board on Friday.

A total of 8,051 homes changed hands over the Multiple Listing Service (MLS) in September, with the average selling price also up compared to last year, rising 7.7 per cent to $573,676.

“Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014,” said Paul Etherington, the president of TREB, the country’s largest real estate board representing about 39,000 realtors in the Toronto area.

“If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year,” said Jason Mercer, TREB’s Director of Market Analysis.

On a year-to-date basis through the first three quarters of the year, sales were up by 6.9 per cent annually to 73,465.

The City of Toronto saw the strongest growth for average year-over-year prices, both for condo apartments and for low-rise homes and detached and semi-detached houses.

Etherington added that buyer interest has remained solid because the majority of home buyers purchasing homes use a mortgage and mortgages continue to be affordable.

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