The Toronto real estate market is enjoying a robust fall season with sales up up 10.9% over September 2013.
While inventory has definitely improved, there is still a lot of demand from buyers. Our own team has lists of buyers who are ready to pull the trigger but just haven’t found what they are looking for. The fall market typically cools down in November so if you’re thinking of selling, contact us today so we can connect you with buyers who are ready to put pen to paper.
Historically elections have had a cooling effect on the market, particularly at the provincial or national level but we’re not seeing that happen now. Although the land transfer issue has been raised by some candidates, the consensus seems to be that the city has come to depend on the revenue of course so we don’t anticipate any change in the policy no matter who comes in to office.
Here is the latest data from September…
In the Beach (E02):
Average price: $870,514
Average days on market: 12
Sale price to list price: 102%
Average price: $691,467
Average days on market: 8
Sale price to list price: 104%
Here is the September 2014 summary from the Toronto Real Estate Board… –
Click here for the full Market Watch
October 3, 2014 — Toronto Real Estate Board President Paul Etherington announced that there were 8,051 transactions reported through the TorontoMLS system in September 2014. This result represented a 10.9 per cent increase compared to September 2013. 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.
“Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household’s income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid,” said Mr. Etherington.
The average selling price for September 2014 transactions was $573,676 – up by 7.7 per cent compared to the same period in 2013. Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semidetached houses and for condominium apartments. The average selling price year-todate was $563,813 – up 8.5 per cent compared to the first nine months of 2013.
“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. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter,” said Jason Mercer, TREB’s Director of Market Analysis.