GTA REALTORS® Release Monthly Resale Housing Figures

TORONTO, October 3, 2012 — Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012.  The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.

The number of transactions was down by 21 per cent in comparison to September 2011.  However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.

“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers.  The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing,” said Toronto Real Estate Board President Ann Hannah.

September average selling prices were up compared to last year for all major home types.  Price growth was strongest in the City of Toronto, including condominium apartments with eight per cent year-over-year growth.  All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types.

“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013.  Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market Analysis, Jason Mercer.

Summary of TorontoMLS Sales and Average Price September 1 – 30
	2012							2011
	Sales		Average Price			New Listings		Sales		Average Price		New Listings
City of Toronto (“416”)	2,255		$547,901			6,342		3,035		$495,721		6,155
Rest of GTA (“905”)	3,624		$476,135			8,878		4,387		$441,912		8,474
GTA	5,879		$503,662			15,220		7,422		$463,916		14,629
TorontoMLS Sales & Average Price  By Home Type September 1 – 30, 2012
		Sales					Average Price
		416		905	Total		416		905		Total
Detached		767		2,097	2,864		781,826		570,523		627,111
Yr./Yr. % Change		-27%		-16%	-19%		10%		8%		8%
Semi-Detached		273		379	652		604,963		394,265		482,487
Yr./Yr. % Change		-15%		-23%	-20%		16%		7%		12%
Townhouse		258		662	920		423,732		349,332		370,196
Yr./Yr. % Change		-17%		-15%	-16%		7%		5%		6%
Condo Apartment		934		395	1,329		377,422		283,321		349,454
Yr./Yr. % Change		-29%		-22%	-27%		8%		1%		6%

 

Source: TREB