Summer was clearly the season for big buys, with the Toronto Real Estate Board (TREB) reporting a 21 per cent boost in sales in August compared to the same time last year. August’s hot market picked up where the increases in July left off, suggesting a real estate rebound.
Transactions were up regardless of property type or whether the home was in Toronto-proper or the 905. The buying flurry also had an impact on prices with the new average price for a home in the GTA shooting up by nearly 5.5 per cent from $477,170 in August 2012 to $503,094 last month.
“Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home,” said Toronto Real Estate Board President Dianne Usher in the news release.
Here’s how some highlights from the new numbers:
- In terms of sale increases across the GTA, detached homes in the 905 region saw the biggest jump in transactions, increasing by 24.6 per cent from 2012.
- Detached homes in Toronto followed closely behind, with a 23 per cent boost in sales from the year before.
- Toronto condos performed very well with a 21.4 per cent increase in sales, year-over-year.
Biggest price gains
- The super-tight low-rise market may have been behind the 8.7 per cent rise in prices for semi-detached homes in the 416.
- Condos in the 905 saw a 7.1 per cent boost in prices, rising to a new average of $293,825.
- Another big gainer: townhouses in the 905, which recorded a 6.7 per cent increase.
For more information check out the table below: