A record number of homes were sold in the GTA last month.
The Toronto Real Estate Board says there were 8, 200 homes sold, which is a 2.5% increase over the same time last year.
Sales for the first 3 quarters amounted to 80, 331 units, 9.5% more than the same 3 quarters of 2014.
And it’s also more expensive to purchase a home. In the GTA, the average price was $627, 395, which is up roughly 10% from the same time year.
Looking at Toronto specifically, the average price was closer to $675, 000, about $50, 000 higher than September 2014.
“We are on track for record home sales reported through TREB’s MLS® System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark. This is a testament to the importance that GTA households put on home ownership as a long-term investment.” – TREB President Mark McLean.
“While September was the second straight month where annual growth in new listings outstripped annual growth sales, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016.” – Jason Mercer, TREB’s Director of Market Analysis.