A record number of homes are expected to be sold in the Toronto area this year, with the average selling price reaching $627,395.
As of last week, 80,331 homes had been sold in the Greater Toronto Area (GTA), a 9.5 per cent increase from the number of homes sold by this time last year.
The data was released Monday as part of a "Market Watch" report published monthly by the Toronto Real Estate Board (TREB).
The report looked at home sales in an area bordered by Simcoe County, Halton Region, Durham Region and downtown Toronto.
The number of sales so far in 2015 means the GTA is on track to break the home sales record, TREB President Mark McLean said in the report.
"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," McLean wrote.
The previous record was set in 2007, when 93,193 homes were sold in the GTA. The TREB said 92,867 homes were sold last year.
The TREB report said the annual average selling price for 2015 is estimated at $627,395, up 9.2 per cent from the average price of $574,424 in 2014.
The report said 8,200 homes were sold in September 2015, 199 more than were sold in September 2014.
Despite the increase in sales, the report found that the total of active listings at the end of September was lower than 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," TREB Director of Market Analysis Jason Mercer wrote.
"Expect strong rates of price growth to continue through the remainder of 2015 and into 2016."
The report found that the majority of residences sold in the City of Toronto were detached homes and condos in the month of September. More than 1,000 detached homes were sold in the city, at an average price of $1,053,871. Data showed 1,444 condos were sold in the city, for an average sale price of $418,603. Also in the 416 area, 318 semi-detached houses and 300 townhouses were sold, for an average of $740,373 and $527,257 respectively.
Outside the city, in the area referred to by the area code 905, detached homes and townhouses had the highest sales. The report showed 2,827 detached homes were sold for an average of $732,852. Another 984 townhouses were sold in the 905 area in September, at an average price of $448,930. More than 600 condos were sold for an average of $307,295, and 523 semi-detached homes were sold for an average of $497,775.
