The number of homes sold during September 2014 was 8,051, according to the Toronto Real Estate Board (TREB), which represents an increase of 11 percent over September 2013. On a year-to-date basis through the first three quarters of the year, sales were up by 6.9 per cent annually to 73,465.

The average selling price for September 2014 transactions was $573,676 – up by 7.7 percent compared to the same period in 2013. Average year-over-year price growth was strongest in the city of Toronto, both for low-rise home types like detached and semidetached houses and for condominium apartments. The average selling price year-to-date was $563,813 – up 8.5 per cent compared to the first nine months of 2013.

TREB predicts that if sales growth continues at its current pace for the remainder of the year, a new record for residential sales could be set in Toronto.