Toronto Real Estate Board

Toronto Real Estate Board

September 17, 2013 10:17 ET

GTA REALTORS® Release Mid-Month Resale Housing Figures

TORONTO, ONTARIO--(Marketwired - Sept. 17, 2013) - Greater Toronto Area REALTORS® reported 3,158 transactions through the TorontoMLS system during the first 14 days of September 2013. This result was up by 29 per cent in comparison to September 2012. Sales were up for all major home types on a year-over-year basis. The condominium apartment segment led the way with strong sales growth in the City of Toronto.

"The strong growth in sales that we have seen over the past two-and-a-half months indicates that GTA households are approaching home ownership with a renewed sense of confidence. Prospective home buyers have taken a hard look at their household balance sheets over the past year and have found that, despite stricter lending guidelines, there are affordable property types from which to choose," said Toronto Real Estate Board President Dianne Usher.

The number of new listings entered into the TorontoMLS system was down slightly in comparison to the same period in 2012. Strong sales growth coupled with a slight reduction in new listings points to increased competition between buyers in some market segments and the continuation of above-inflation rates of price growth. The average selling price at mid-month September was up by four per cent on an annual basis to $514,560.

"With months of inventory remaining low from a historic perspective and evidence of tighter market conditions during the summer, the only argument that makes sense is for continued home price growth in the Greater Toronto Area for the remainder of 2013," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price September 1 - 14
2013 2012
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,151 $ 531,388 3,021 869 $ 534,782 3,282
Rest of GTA ("905") 2,007 $ 504,909 4,553 1,581 $ 473,031 4,450
GTA 3,158 $ 514,560 7,574 2,450 $ 494,933 7,732
TorontoMLS Sales & Average Price By Home Type September 1 - 14, 2013
Sales Average Price
416 905 Total 416 905 Total
Detached 375 1,173 1,548 806,839 600,588 650,552
Yr./Yr. % Change 31.6 % 26.0 % 27.3 % 0.6 % 6.8 % 5.2 %
Semi-Detached 101 206 307 582,396 403,661 462,463
Yr./Yr. % Change 13.5 % 38.3 % 29.0 % -4.8 % 2.4 % -2.7 %
Townhouse 137 378 515 439,018 383,815 398,500
Yr./Yr. % Change 23.4 % 31.3 % 29.1 % 8.9 % 9.5 % 9.2 %
Condo Apartment 529 207 736 355,425 296,317 338,801
Yr./Yr. % Change 42.6 % 21.8 % 36.0 % 0.9 % 4.2 % 2.4 %

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of- the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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