According to the Toronto Real Estate Board (TREB), there were 7,600 sales through the Multiple Listing Service (MLS) in August. Up by 2.8 per cent compared to August 2013.
August saw an average selling price of $546,303 - which is up by 8.9 per cent from the average selling price of $501,677 reported in August 2013.
“The last full month of summer ended on a high note. As we look toward the fall market, I expect that demand for ownership housing will remain strong. Home buyers will continue to benefit from a diversity of affordable home ownership opportunities throughout the GTA. The fact that sales were up for all major home types in August suggests that first-time buyers and existing home owners remain very active in today’s marketplace,” said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in August 2014 was $460,000.
The median price in August 2013 was $431,000.
“The number of listings in August was down in comparison to last year, while the number of sales increased. This means that sellers’ market conditions remained in place with a lot of competition between buyers. This is why we continued to see strong price growth last month. Looking forward, if sales growth continues to outstrip listings growth, the average selling price should continue to increase on a year-over-year basis,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).