According to the Toronto Real Estate Board (TREB), there were 7,998 sales through the Multiple Listing Service (MLS) in August. Up by 5.7 per cent compared to August 2014.
August saw an average selling price of $602,607 - which is up by 10.3 per cent from the average selling price of $546,482 reported in August 2014.
“Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in August 2015 was $504,000.
The median price in August 2014 was $460,000.
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices. It was encouraging to see annual growth in new listings outstrip annual growth in sales, but we will need to see this for a number of months before market conditions become more balanced," said Jason Mercer, TREB's Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).