By Sept. 14, year-to-date home sales tracked through the TorontoMLS system totaled 68,731, a 6.6-per-cent increase compared to sales for the same timeframe last year, reports the Toronto Real Estate Board (TREB). Sales recorded in the first two weeks of September alone increased by 8.3 per cent from the same period in 2013, to 3,297.

“The sales result for the first two weeks of September showed strong growth for most major home types, indicating that home buyers continue to find homes that meet their needs and budgets,” says Paul Etherington, president of TREB. “With a lot of buyers active in the marketplace relative to the number of homes for sale, average selling prices were up strongly for most low-rise and high-rise home ownership options.”

The average selling price for a Toronto home in the first two weeks of September 2014 was $555,890, up 8.1 per cent from the same period in September 2013. Similarly, the average year-to-date selling price increased by 8.5 per cent, year-over-year, to $562,244.

“Average prices in the low-rise market segments, including singles, semis and towns, continued to experience the impact of strong competition between buyers,” says Jason Mercer, director of market analysis at TREB. “It is also clear that while the condo apartment market segment remains comparatively better supplied, there are enough buyers relative to available condo listings to prompt very strong average price growth for this type of ownership housing as well.”