NEWS RELEASE 

 


GTA REALTORS® Release Monthly Resale Housing Figures

 

TORONTO, October 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%

 

 

 

 

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