TORONTO, ONTARIO--(Marketwire - Sept. 16, 2011) - Greater Toronto REALTORS® reported 3,149 transactions during the first 14 days of September, representing an increase of more than 25 per cent in comparison to the first two weeks of September 2010. New listings over the same period, at 6,890, were up by 14 per cent compared to last year.
"Purchasing and paying for a home over the long term represents the single largest financial commitment most households will make over a lifetime. To make this commitment, households must be confident in their economic prospects," said Toronto Real Estate Board President Richard Silver. "The fact that sales continued to grow through the first half of September suggests that GTA households remain confident that the economy will remain buoyant."
The average selling price in the first half of September was $454,194 – an increase of 11 per cent compared to the same period in September 2010.
"Strong price growth in the GTA continues to be mitigated by a solid affordability picture. Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.
"In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth," continued Mercer.
| Summary of TorontoMLS® Sales and Average Price | ||||
| September 1 - 14 | ||||
| 2011 | 2010 | |||
| Sales | Average Price | Sales | Average Price | |
| City of Toronto ("416") | 1,232 | $464,825 | 943 | $430,406 |
| Rest of GTA ("905") | 1,917 | $447,362 | 1,567 | $396,329 |
| GTA | 3,149 | $454,194 | 2,510 | $409,132 |
| Source: Toronto Real Estate Board | ||||
| TorontoMLS® Sales & Average Price By Home Type | |||||||
| September 1 - 14, 2011 | |||||||
| Sales | Average Price | ||||||
| 416 | 905 | Total | 416 | 905 | Total | ||
| Detached | 395 | 1,104 | 1,499 | 681,223 | 532,815 | 571,922 | |
| Yr./Yr. % Change | 34% | 27% | 29% | 10% | 12% | 12% | |
| Semi-Detached | 117 | 210 | 327 | 481,477 | 372,362 | 411,403 | |
| Yr./Yr. % Change | 18% | 11% | 14% | 6% | 10% | 9% | |
| Townhouse | 122 | 342 | 464 | 385,191 | 327,441 | 342,626 | |
| Yr./Yr. % Change | 26% | 26% | 26% | -4% | 10% | 6% | |
| Condo Apartment | 583 | 220 | 803 | 336,745 | 290,136 | 323,975 | |
| Yr./Yr. % Change | 31% | 10% | 25% | 9% | 17% | 12% | |
| Source: Toronto Real Estate Board | |||||||
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.
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Contact Information:
Toronto Real Estate Board
Mary Gallagher, Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
www.TorontoRealEstateBoard.com