Photo: James Paolo/Flickr
Following a hot July, the GTA counted 3,504 sales of existing homes in the first half of August, a 7.6 per cent surge over the same time last year. While there was more buying activity than last year, the market still remains tight, especially for detached houses and semis.
“During the first 14 days of August, the number of home sales grew at a faster pace year-over-year compared to the number of homes listed for sale,” said Jason Mercer, the Director of Market Analysis at the Toronto Real Estate Board (TREB), in the news release.
“This means that competition between buyers increased relative to the same period last year, which explains the continuation of very strong average price growth in the GTA,”
Just how much did prices increase? The overall average selling price for a home in the region now stands at $538,530, a 9.4 increase over last year. Prices for low-rise homes grew the fastest, year-over-year, though each property type saw an increase in the average sales price.
Here are the biggest movers and shakers:
- Semi-detached properties in the 416 surged by 30.9 per cent, though there were just 127 sales in the first two weeks in August.
- There were 241 condos sold the 905, a 15.9 per cent increase over last year.
- The 373 detached houses in Toronto-proper represented a 12.3 per cent increase over 2013.
- Detached houses in the 905 rose by 12.3 per cent to $647,387.
- Detached houses in the 416 followed close behind with a 10.6 per cent increase to $843,138.
- Semi-detached houses in Toronto-proper rose by 9 per cent to the average sale price of $445,815.
For more details, check out the table below: