The Toronto market continues to sizzle…according to the Toronto Real Estate Board’s Marketwatch ’TREB MLS sales through the first nine months of 2015 amounted to 80,331’, which is ‘a record result and a 9.5 per cent increase compared to the first three quarters of 2014’. Total unit sales are on track to surpass the 100,000 mark by the end of the year. Additionally, the average selling price across the GTA was up 9.2 per cent annually. September 2015 saw a 2.5% increase in sales volume over September 2014.
The good news is that new listings are outpacing the growth of annual sales, which may indicate a more balanced market is coming. However, total active listings still remain below last year’s level. While the year will still close out as a seller’s market, there is hope for a more balanced market down the road if the new listings continue to outpace sales.