TORONTO, Oct 6 (Reuters) - Sales of Toronto-area homes rose for the third consecutive month in September, as low borrowing costs and pent-up demand lifted transactions by 42% from a year ago, helping to break average sale price records for the fourth straight month.
Total sales of existing homes jumped to 11,083, nearly matching July's three-year high, led by sharp increases in detached and semi-detached home transactions, the Toronto Regional Real Estate Board said on Tuesday. That helped lift the average price to C$960,772 ($724,509).
With condo listings about triple the level of sales, prices rose a muted 6.6%
"Further improvements in the economy, including job growth, would support strong home sales moving forward," said TRREB President Lisa Patel. "However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence."
UBS said in a recent report that Toronto home prices faced the third-highest risk of a bubble among 25 global cities.
SEPTEMBER
AUGUST
SEPTEMBER 2019 YR/YR PCT CHANGE TOTAL SALES
11,083
10,775
7,791
42.3%
AVERAGE PRICE C$960,772
C$951,404
C$842,421
14% NEW LISTINGS 20,420
18,491
15,616
30.8% After preliminary seasonal adjustment
SEPTEMBER
MTH/MTH PCT CHANGE SALES
9,767
-5.3% AVERAGE PRICE C$949,681 -3.4% Sales by type of property
SEPTEMBER
YR/YR PCT CHANGE DETACHED
5,559
54.7% SEMI-DETACHED
1,140
53.0% TOWNHOUSE
1,897
46.9% CONDO APARTMENT
2,367
14.6% Average price by type of property
SEPTEMBER
YR/YR PCT CHANGE DETACHED
C$1,184,700
12.9% SEMI-DETACHED
C$922,269
10.6% TOWNHOUSE
C$748,437
10.5% CONDO APARTMENT
C$634,756
6.6% ($1 = 1.3261 Canadian dollars)