The housing market in Toronto is showing no signs of slowing down, according to the latest figures from the Toronto Real Estate Board.
GTA Realtors reported 9,902 sales through the MLS system last month, which is a 21.5% increase from September 2015.
And housing prices were up as well.
The average price in the GTA rose to $755,755, over 20% higher than the same time last year.
In Toronto, the average price for a home, which includes detached, semi-detached, etc, rose to $764,872,
When looking specifically at detached home prices, buyers in Toronto should expect to see prices around the $1.3M mark, a 23% increase.
For the GTA, a detached home runs about $1,013,788.
“We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types” – Larry Cerqua, Toronto Real Estate Board President.
“The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale.” – Jason Mercer, TREB’s Director of Market Analysis.