Toronto Real Estate Board

Toronto Real Estate Board

October 03, 2012 07:00 ET

GTA Realtors® Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2012) - Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.

The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.

"While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing," said Toronto Real Estate Board President Ann Hannah.

September average selling prices were up compared to last year for all major home types. Price growth was strongest in the City of Toronto, including condominium apartments with eight per cent year-over-year growth. All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types.

"Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes," said TREB's Senior Manager of Market Analysis, Jason Mercer.

Summary of TorontoMLS Sales and Average Price September 1 - 30
2012 2011
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 2,255 $ 547,901 6,342 3,035 $ 495,721 6,155
Rest of GTA ("905") 3,624 $ 476,135 8,878 4,387 $ 441,912 8,474
GTA 5,879 $ 503,662 15,220 7,422 $ 463,916 14,629
TorontoMLS Sales & Average Price By Home Type September 1 - 30, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 767 2,097 2,864 781,826 570,523 627,111
Yr./Yr. % Change -27 % -16 % -19 % 10 % 8 % 8 %
Semi-Detached 273 379 652 604,963 394,265 482,487
Yr./Yr. % Change -15 % -23 % -20 % 16 % 7 % 12 %
Townhouse 258 662 920 423,732 349,332 370,196
Yr./Yr. % Change -17 % -15 % -16 % 7 % 5 % 6 %
Condo Apartment 934 395 1,329 377,422 283,321 349,454
Yr./Yr. % Change -29 % -22 % -27 % 8 % 1 % 6 %

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 35,000 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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Contact Information

  • Media Inquiries:
    Toronto Real Estate Board
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com