Toronto Real Estate Market Strong in September
The Toronto Real Estate Board reported there were 7,658 transactions processed through the TorontoMLS® system in September of 2011 – a 25% per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to a whopping 70,588 homes sold, representing a 2.6 per cent increase in total numbers compared to the first three quarters of 2010.
The resale housing market showed strong growth throughout the first nine months of the year, with a much more active summer compared to 2010. Sales continued their upward track, while the number of listings remained steady, resulting in more competition between home buyers. Multiple offers and bidding wars have become commonplace not only in the downtown core, but in all areas of the GTA, including central Mississauga and Oakville Clearview.
During September, the growth in sales (+25 per cent) outstripped the annual growth in new listings (+15 per cent), so that market conditions became tighter. The average selling price has increased by nearly 10% per cent on a year-over-year basis compared to 2010.
Strong price growth through the first nine months of the year can be traced to the three pillars of today's real estate market: low interest rates, rising incomes brought on by a healthy economy, and by continued immigration into the GTA. The Greater Toronto Area remains on track to be the second best year ever for resale homes and condominiums.
full Toronto Real Estate Market report