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Strong Average Price Growth in September

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 (TREB) 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 for 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.

 

Source: TREB.


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