Sales outstrip listings in September
The Toronto Real Estate Board reported 7,658 sales in September, with an average sale price of $465,369 in the GTA. These figures are consistent with the overall pattern of activity in the first nine months of 2011.
With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions remained tight and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.
The strong September market affected most parts of the GTA. Sale volumes increased most in the 416 area, while prices rose most in the 905 area. The year-to-date figures suggest that 2011 is on track to be TREB’s second busiest year.