Home sales in the GTA fell 35% in September year-over-year following a strong month in August.
There were 6,379 sales through the MLS system of Toronto Real Estate Board while new listings jumped 9.4% compared to September 2016 to 16,469.
The spike in listings could be a sign that sellers are expecting that those buyers who are currently on the sidelines will be active in the fall according to TREB president Tim Syrianos.
“Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace,” he said.
Average selling price appreciation slowed to 2.4% year-over-year to $775,546.
This was moderated by flat prices for detached homes ($1,015,067) compared to 7.4% for semi-detached ($752,379), 7.1% for townhouses ($609,382) and a 23.2% surge for condo prices ($520,411).
“Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.
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