"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home,” Toronto Real Estate Board president, Paul Etherington said in a recent release. “The majority of home buyers purchase a home using a mortgage.
“The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid."
September saw 8,051 home sales through the TorontoMLS system, which accounts for a 10.9 per cent increase year-over-year.
The first three quarters of the year have seen a significant boom in sales as well, with 73,465 transactions accounting for a 6.9 per cent jump.
If the trend continues, brokers will be able to cash in on a major surge of home sales.
“If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year,” TREB director of market analysis, Jason Mercer said. “On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter."
A business boom may be lying in wait for brokers in one major market, with early indicators showing homebuyers continue to flood the market following a busy summer season.