Oct 15 | Posted by Barry Cohen

Here we go again … another record-breaking month for real estate in the GTA in September.  Toronto Real Estate Board President Mark McLean released a press report announcing that 8200 homes exchanged hands through the MLS system last month which not only beat all previous records but that number also eclipsed last September’s sales by 2.5 percent.  To say this market is anything but red-hot would be an understatement.

For the second straight month annual growth in new listings continued to outstrip annual sales growth, which is great news and an indicator that the market may be heading towards a more balanced situation, however, total active listings at the end of September remained below last year’s level.  If new listings continue to enter the market at this pace and sales maintain these record breaking levels you can expect to see strong rates of price growth through the remainder of 2015 and into 2016.

According to TREB statistics for the first three quarters of this year 80,331 homes were sold by board members – that’s a whopping 9.5% increase over the first three quarters of 2014.   “We are on track for record home sales reported through the MLS this year.  Barring a drastic shift in the economy over the next three months, total transactions by TREB members are expected to be at or near the 100,000 mark.  This is a testament to the importance that GTA households put on home ownership as a long term investment”, stated President McLean.

The MLS Home Price Index Composite Benchmark Price was up by 10.5 percent year over year, and the Average Selling Price for all home types combined was up by 9.2 percent annually reaching $627,395.  It was predominantly the low-rise segments including detached, semidetached and townhouses which are in high demand in the GTA that drove the growth in the Composite Benchmark and Average Selling Price.

The real estate market in our great city is robust and showing no signs of weakening for the foreseeable future.  This is an excellent time to list your property for sale as the competition is low, the demand is strong and prices are at an all time high.  If you are considering selling your property, I would be happy to provide you with a professional accurate market evaluation of your property’s current value, answer all your questions and use my experience and expertise to get your home sold expediently and for top dollar.