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Home sales in the Greater Toronto Area fell 35% in September year on year, however the average price rose 5.9 % from CAD $732,039 in August for the first month-over-month increase since the April  record high of  CAD $918,285 the Toronto Real Estate Board (TERB) said Wednesday. The biggest fall in sales was the 40.4% fall in sales of detached homes.

Toronto Real Estate Sales Sept

The average selling price for all types of property sold in September climbed 2.6 per cent from a year ago, rising to $775,546. The exception is the condominium apartment market segment, where both average and benchmark sales prices were up over 20 % compared to a year ago. Yesterday the Real Estate Board of Greater Vancouver reported strong demand for condos and townhouses in September.

Listings Soar

There is a flood of new stock available with new listings in Toronto on the Multiple Listing Service rising to 16,469 in September, up 9.4% from a year ago with the number of active listings up a massive 69% from a year ago to19,021.

The take on this from from TREB president Tim Syrianos gives in an insight into what the board is thinking; "The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall," he said in a statement.

The TREB said high-priced detached homes accounted for a smaller share of sales than in September 2016  with the region's average price for that category was flat at $1,015,067. The average price for condos was up 23.2% to $520,411 and the average price for semi-detached houses was up 7.4 % at $752,379

Source: GTA REALTORS┬« September Market Watch

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