September 2014 Market Review
September 2014 saw 8,051 transactions reported in the Toronto Real Estate Board, an increase in sales volume of 11% year-over-year. New listings were up 5.8% (to 15,692), but total available listings were down 5.1% (from 20,194 to 19,165), so there wasn’t enough supply to keep pace with the buyer side of the market. The high pace of activity drove prices up on average by 7.7% over September 2013, to $573,676.
In the condo segment, sales volume in the 416 was up 15.6%, with prices up 9.2%, showing that the condo market continues to be solid.
Basically, it has been a typical fall market: busy. There was a bit of a lull around Thanksgiving, but things seem to have picked right back up. We should see continued activity through at least mid-November, before the market calms down for Christmas/New Years, etc.
Year-to-date (i.e. January to September), total market activity has increased 6.9%, to 73,465 sales for the year. The average selling price for the year is $563,813, an increase of 8.5% compared to the first three quarters of 2013. There’s nothing indicating a slow-down in the fourth quarter, so I expect that we’ll see record numbers in both categories by the time 2014 comes to a close. All in all, the Toronto market is healthy and strong. It’s a great time to buy and/or sell. 🙂