GTA house prices headed for another record year! Wait no further Act Now!

Excerpted from The Toronto Star

GTA house prices up 9.2% in September

Biggest leap is In York Region, where the average price of a home was 13.95 per cent higher than in September 2014.

TORONTO STAR FILE PHOTO

The average sale price of a home hit $627,395 last month, up 9.2 per cent year over year.

By: Susan Pigg Business Reporter, Published on Mon Oct 05 2015

   

The GTA remains headed for a record-smashing year for real estate deals after another record month for sales in September, when transactions were up 2.5 per cent year over year.

The average sale price of a home hit $627,395 last month, up 9.2 per cent year over year as new listings picked up for the second month in a row to the point where they actually outstripped sales for the first time in years.

Despite that hopeful sign – the Toronto market has been plagued by far too few listings to meet demand essentially since the 2008 recession – the total number of so-called “active listings” remained below levels of a year ago, according to figures released by the Toronto Real Estate Board Monday.

Some 80,331 houses and condos have changed hands this year to the end of September, also a record and up 9.5 per cent compared to the first three quarters of 2014, said TREB.

The MLS Home Price Index Price – which factors out homes at the extreme ends of the selling spectrum – rose by 10.5 per cent, year over year, as of the end of September, with price gains largely driven by demand for low-rise homes which remain in short supply.

Condos more than held their own, however, with sales up 4.6 per cent across the GTA in September, year over year, and prices up 5 per cent. That brought the average condo transaction price to $418,603 in the City of Toronto and $307,295 in the 905 regions, up 5.6 per cent and 2.2 per cent respectively, according to TREB’s figures.

Townhouses were the top-selling housing type in September, with sales up 5.2 per cent across the GTA, as more people find themselves priced out of the detached and semi-detached market, but determined to find low-rise housing alternatives to condos.

The average townhouse sold for $527,257 in the City of Toronto last month and $448,930 in the 905 regions, up 10.8 per cent and 9.6 per cent respectively, according to TREB’s figures.