Toronto home prices hit new high in September as sales surge 42%

Prices up 14%

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Toronto’s housing market continued to break records in September with sales up 42.3 per cent from the year before.

The 11,083 homes sold was a record for the month, the Toronto Regional Real Estate Board said Tuesday. Sales of single family homes continued to drive the gains. Sales growth was also higher in the areas of the GTA that surround the City of Toronto.

The lion’s share of the homes sold (7,528) were in the 905 areas, surrounding the City of Toronto.

Sales of single family homes also continued to drive the gains. A total of 5,559 detached homes were sold, a 54.7 per cent increase from the year before.

Condo sales, on the other hand, were up 14.6 per cent.

The average selling price also rose to a record $960,772, up 14 per cent from the year before. Again price gains were driven by the low-rise segment of the market. Condos, which have seen a surge in supply, saw slower price growth.

“On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings. 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,” said Jason Mercer, TRREB’s Chief Market Analyst.

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