Toronto Real Estate Market Update
Sales and prices continued to climb in September with the Toronto Real Estate Board reporting over 8,000 transactions throughout the month, an 11% gain over september 2013. Year over year price increase for september was 7.7% with an average sales price of $573,676. This fall has started off hot and I don't see it letting up anytime soon. One of my listings sold for $91,000 over asking just last week and another for $53,000 over market value. They had 6 and 4 offers, respectively.Toronto Real Estate Board president Paul Etherington noted, "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." Although the entire GTA saw increases, Toronto saw the highest gains of 8.5% year over year. Should sales continue at this pace, the Toronto real estate board will be looking at setting a new sales record in 2014. The fourth quarter looks strong and stable with many buyers looking with limited supply available.
See the full report here: TREB Market Watch | September 2014