« Is TREB abusing market power? | Main | London sales cool in September »
Sales down 21%, but prices up 8.5%
Greater Toronto Area Realtors reported 5,879 transactions through the Toronto MLS 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.
October 3, 2012 | Permalink
TrackBack
TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c51e453ef017ee3f1b61b970d
Listed below are links to weblogs that reference Sales down 21%, but prices up 8.5%:
Comments
September has always been a weak month for sales activity in the region. But still, 5879 transactions is not that bad a figure. Let’s hope that October fares better.
Posted by: Architectural metal fabrication | Oct 23, 2012 1:45:51 AM
Glamour Apartments company offers you a huge variety of apartments in Paris, from studios in Paris to luxury apartments in Paris for short-term and long-term rent
Posted by: Rent Studio in Paris | Oct 19, 2012 9:18:51 AM
This resale home sales volume drop is definitely concerning, especially when you consider the volume drop just reported for the Vancouver market.
Anne
Posted by: StagingWorks | Oct 11, 2012 7:38:44 PM
Between the prices of real estate saying strong in Toronto and interest rates staying low, the market is poised well for increased investing. The new mortgage rules do make it tougher, but manageable to the savvy buyer of investment real estate. Thanks for the great article.
Posted by: Rent Express | Oct 8, 2012 1:57:53 AM
The comments to this entry are closed.
