According to the Toronto Real Estate Board (TREB), there were 7,542 sales through the Multiple Listing Service (MLS) in August. This is a 24 per cent increase from August 2010.
August saw an average selling price of $451,663 - which is more than a ten per cent increase from the average selling price of $409,564 reported in August 2010.
Despite the less than certain economic outlook, home sales in the GTA have stood up, according to TREB president Richard Silver. However, in the City of Toronto, the removal of the City's land transfer tax would improve home ownership affordability.
The median price in August 2011 was $389,275
The median price in August 2010 was $358,000.
"Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this month" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).