According to the Toronto Real Estate Board (TREB), there were 9813 sales through the Multiple Listing Service (MLS) in August. Up by 23.5 per cent compared to August 2015.
August saw an average selling price of $710,410 - which is up by 17.7 per cent from the average selling price of $603,534 reported in August 2015.
“The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs. Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area,” said Larry Cerqua, President of the Toronto Real Estate Board.
The median price in August 2016 was $590,000.
The median price in August 2015 was $504,000.
“Population in the GTA continues to grow. The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales. Against this backdrop, TREB will also be releasing new third-party research, and consumer and REALTOR® survey results throughout the fall and winter, with discussions focusing on foreign buying activity and issues affecting the supply of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.
If you missed the June 2016 and July 2016 Market recap updates, you can find them at the links below:
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).