Business

Toronto real estate sales in September keep pace toward record

Toronto home sales maintain their heated pace in September, hitting a record number of transactions and seeing prices climb 9.2 per cent from a year earlier.

Sales in GTA rise 2.5% to 8,200 in September, as prices climb 9.2% over year earlier

Transactions reported by TREB members in 2015 are expected to be at or near 100,000. (Jenna Reid )

Toronto home sales maintained their heated pace in September, hitting a record number of transactions and seeing prices climb 9.2 per cent from a year earlier.

Sales in the Greater Toronto Area rose 2.5 per cent to 8,200 in September, the Toronto Real Estate Board said Monday. That puts it on track for a record in 2015, as mortgage rates remain at or near all-time lows.

"Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark," board president Mark McLean said in a release.

Across the GTA, the average selling price for all type of homes, including condominiums, increased to $627,395 from $574,424 a year earlier. Sales rose to 8,200 from 8,001, the real estate board said.

Adding to the board's florid outlook, it suggested supply is falling behind demand, with the total number of active listings at the end of September remaining below the previous year's level.

"This … suggests that competition between buyers will remain strong as we move into the fourth quarter," said Jason Mercer, the board's director of market analysis.

"Expect strong rates of price growth to continue through the remainder of 2015 and into 2016."

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