Photo: Benson Kua/Flickr
Home sales in September in the Greater Toronto Area hit the highest level for the month on record, according to a Toronto Real Estate Board report released today.
Across the GTA, 8,200 home sales were tracked last month through TREB’s MLS System, a 2.5 per cent increase over September 2014’s sales volume of 8,001. This number includes the four major home types: detached, semi-detached, townhouse and condo apartment.
“We are on track for record home sales reported through TREB’s MLS System this year,” said Mark McLean, the board’s president, in a statement. McLean expects this number to surpass 100,000 by the end of the year unless “there’s a drastic shift in the economy over the next three months.”
The 416 accounted for 3,113 of the 8,200 sales in the GTA last month, with 1,444 condo sales making up the bulk of this at an average price of $418,603, a 5.6 per cent increase over the price in September 2014.
A total of 1,051 detached-home sales represented the second largest share of activity by housing type in Toronto for the month.
The average price for a detached home in Toronto in September was up about 3.6 per cent from August 2015 to $1,053,871. This is the seventh time in nine months and second consecutive month that the average sold price of a detached home has exceeded $1 million.
In the more suburban 905, detached homes led the way in the number of transactions by housing type with 2,827 units sold, up 0.9 per cent year-over-year. The average price for a detached home in the area was $732,852, 11.6 per cent higher than it was the same time the year before.
Condos were second behind detached homes as the most popular housing type in the 905, but there was quite a gap between the two. A total of 608 condo unit sales were recorded in September, though that still marked a 2.4 per cent change year-over-year. The average price of these units was $307, 295, 2.2 per cent higher than was seen in September 2014.
For all home types across the GTA, the average sales price was up 9.2 per cent year-over-year to $627,395. The sale prices of detached homes, together with semi-detached homes and townhouses, are driving up this number, according to TREB.