-Last month saw the second best September ever recorded for sales, with 6,588 single family homes transacted through the TorontoMLS system, TREB President Ron Abraham said today. “With sales strong, average prices bounced back as well, going to $320,911 from the $304,509 recorded in August, a five per cent increase.

This figure was also up eight per cent over the $297,398 recorded in September of ’03.”

Also in September, inventory reached its highest level of the year with 24,293 active listings. This is a 15 per cent increase over the 21,101 recorded in September of 2003, and up nine per cent over last month. “This is good news for potential home buyers.”
“A higher level of Inventory should put some constraints on price increases going forward,” Mr. Abraham noted.

Breaking down the total, 2,552 sales were reported in TREB’s 28 West districts and averaged $297,806; 1,139 sales were reported in the 14 Central districts and averaged $421,064; 1,295 sales were reported in the 23 North districts and averaged $355,776; and 1,602 sales were reported in TREB’s 21 East districts and averaged $258,326.

Click to view Residential Market Update – September 2004