Monday, October 7, 2013

Fall Housing Market Continues Strong

The near-record pace of the summer housing market seems to have followed into Fall, as the total sales in September amounted to a 30 per cent increase compared to September 2012.

MLS reported 7,411 total sales.

“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.

Sellers continue to prevail with the average selling price up to $533,797 a 6.5 per cent year-over-year increase through the first three quarters of 2013 compared to the first nine months of 2012.

“The price growth story in September continued to be about strong demand for low-rise home types, coupled with a short supply of listings. Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has been well above the rate of inflation this year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“This scenario will continue to play out through the remainder of 2013.”