According to the Toronto Real Estate Board (TREB), there were 7,569 sales through the Multiple Listing Service (MLS) in August. Up by 21 per cent compared to August 2012.

August saw an average selling price of $503,094 - which is up by almost 5.5 per cent from the average selling price of $477,170 reported in August 2012.

“Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home. These households have found that a diversity of affordable ownership options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher.

The median price in August 2013 was $549,900.
The median price in August 2012 was $410,000.

"Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income. With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).