GTA home sales and prices see double digit September gains

Toronto home prices and sales continued to hit records in September as pent-up demand and historic low borrowing costs pushed prices up 14 per cent to $960,772 across all housing types, including condos.

The number of transactions also soared 42.3 per cent year over year, said the Toronto Regional Real Estate Board (TRREB) on Tuesday.

It reported the biggest gains in the 905 areas surrounding the city, with single-family homes leading the growth.

Detached houses were the region’s hottest selling properties, going for 12.9 per cent more compared to last September at an average of nearly $1.2 million.

The 905 communities saw a 63.6 per cent increase in the number of detached home sales and a 16.9 per cent gain in the average selling price to over $1.1 million. Detached houses in the city of Toronto sold for about $1.5 million on average — 9.4 per cent more year over year. The number of detached house sales inside Toronto’s city borders grew 28.1 per cent.

“The relatively better supplied condominium apartment segment experienced a comparatively slower pace of price growth,” said the real estate board in a news release.

Condo prices grew 6.6 per cent regionwide to an average of $634,756. There were 32 per cent more transactions this September than last in the 905 communities and seven per cent more in the city of Toronto.

The average selling price across all home categories was up about one per cent — $9,368 — compared to August.

Overall, the blistering pace of home sales continued to outstrip the number of new listings, said the real estate board’s chief market analyst, Jason Mercer.

“With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record,” he said.

TRREB reported 20,420 new listings in September, only a 23 per cent increase over last year when there were 15,616 and the average selling price was $842,421, about $118,000 lower than this September.

Although the third quarter of this year was a record setter, the year-to-date sales are up only one per cent compared to the first nine months of last year, said the board. The average selling price is up nearly 12 per cent this year to date.

Condo sales are down 13 per cent this year to date, but prices are 10 per cent higher than they were last year. Detached houses are selling for 11.9 per cent more this year to date and sales are up 8.9 per cent in that nine-month period.

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