September, 2015 - Last month's unit sales were a new record!

Toronto, October 5, 2015 - MLS home sales released today by the Toronto real estate board confirm that last month's unit sales were a new record for the month of September.

Once again, the only "minus signs" were in front of the "Total Active Listings" figure, which was down 7.3% to 17,765, and the "Days on Market" figure.

While the growth in average prices was relatively strong across the board, the actual number of homes sold was only marginally higher for most property types. In fact, sales of detached homes in Metro Toronto were exactly the same as September 2014. All figures are year-over-year comparisons unless otherwise noted.

Looking specifically at the numbers, there were 1,051 sales of Detached homes in Metro Toronto - exactly the same as last September, as noted above. The average selling price of those was $1,053,871, up 10.7%. In the balance of the Greater Toronto Area there were 2,827 detached homes sold, up 0.9%, at an average sale price of $732,852, up 11.6%.

As for MLS sales of Condominium Apartments, 1,444 units sold in Metro Toronto, up 5.6%, at an average price of $418,603, up 5.6%. In the balance of the GTA, 608 condo apartments sold, up 2.4%, at an average selling price of $307,295, up 2.2%.

Overall, including all Toronto Real Estate Board areas and all home types, there were 8,200 homes sold, up 2.5% year-over-year, at an average selling price of $627,395, up 9.2% from last year's $574,424.

Homes sold "12% faster" than last September at 22 days on the market ["DOM"] compared to 25 days.

The total active listings figure of 17,765 homes divided by the monthly sales of 8,200 units indicates a relatively tight "Forward Inventory" of 2.17 months. That figure last September was 2.4 months, and twenty-four months ago it stood at 2.78 months.

As the Toronto Real Estate Board's Director of Market Analysis, Jason Mercer puts it, “While September was thesecond straight month where annual growth in new listings outstripped annual growth [in] sales, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016.”

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