According to the Toronto Real Estate Board (TREB), there was a combined total of 8,200 home sales recorded for September through the MLS System. This 2.5 per cent increase over September 2014 represents a record number of transactions for the month. TREB also stated that during the first nine months of 2015, there were 80,331 sales, a record 9.5 per cent increase over the first three quarters of 2014.

“We are on track for record home sales reported through TREB’s MLS System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB members in 2015 are expected to be at or near the 100,000 mark,” said TREB President Mark McLean in a press release. “This is a testament to the importance that GTA households put on home ownership as a long-term investment.”

The MLS Home Price Index (HPI) Composite Benchmark price jumped 10.5 per cent over last year. The average selling price for all home types combined increased by 9.2 per cent over the same period last year to $627,395. This growth was driven by the low-rise market segments, including detached and semi-detached houses and townhomes.

“While September was the second straight month where annual growth in new listings outstripped annual growth 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,” said Jason Mercer, TREB Director of Market Analysis in a press release. “Expect strong rates of price growth to continue through the remainder of 2015 and into 2016.”