TREB announced that there were 8,051 transactions reported through TorontoMLS system in September 2014. This is a 10.9 per cent increase compared to September 2013. The average selling price for September 2014 was $573,676 - a 7.7 per cent increase compared to September 2013.
Sales have been growing persistently throughout the first nine months of 2014 and if the number of sales continues to rise,
"we could be flirting with a new record for residential sales reported by TREB members this year",
according to TREB's president, Paul Etherington.
Here are my thoughts for what they are worth: Over the Summer months the market was unusually active. Though it seems to be a strong Fall, there does not seem to be the fury of the normal Fall market.
I would attribute the calmness to the quiet after a bit of a storm; since some of the normal hectic Fall we're used to was a part of the busy summer. It will be interesting to see the level of activity over the next months, if we are over or how much over. The total number of yearly sales (which has been heading to over 100,000 units in the MLS system), is scheduled to be topped and would become a new yearly record. Time will tell and I will update you!
Title Photo by Jude Freeman