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James Metcalfe’s Toronto Real Estate Update October 2013

VOLUME, PRICES SURGE IN SEPTEMBEROCTOBER

2013Greater Toronto REALTORS® reported 7,411 residential sales through the Toronto MLS system in September – a whopping 30% increase versus September 2012 sales of 5,687 units. Double digit volume increases occurred across all four key market segments: single-detached (+34%), semi-detached (+20%), townhomes (+31%) and condo apartments (+29%). This is the third consecutive month of double digit volume growth and demonstrates that the pent-up demand which had built up over a one year period following the July 2012 introduction of stricter mortgage lending criteria is now being satisfied in earnest. The bottom line is that home ownership remains highly affordable given the current mix of prices, interest rates, incomes and lending criteria guidelines. The average price of a GTA resale home in September was $533,797 – a healthy 6% increase versus the September 2012 average price of $501,326. Price growth varied by market segment: single-detached (+8%), semi-detached (+2%), townhomes (+10%) and condo apartments (-2%).   

James Metcalfe's Toronto Real Estate Update Oct 2013 from James Metcalfe

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