Photo: Karen Maraj/Flickr
The red hot summer real estate market cooled off a tiny bit in August. The increase in GTA home sales was relatively modest last month with the Toronto Real Estate Board (TREB) reporting 7,600 sales, a 2.8 per cent increase over the year before. That’s quite the contrast to the double-digit gains seen over the previous months: June recorded a 15.4 per cent year-over-year sales surge while July counted a 10 per cent bump in existing home sales.
It was an entirely different story for pricing. The average sale price for an existing Toronto-region home in August rose 8.9 per cent, year-over-year, to $546,303. The average sales price year-to-date was even higher at $562,504, an 8.5 per cent increase over the same time in 2013.
Tight conditions remain, however, with new listings dropping by 3.1 per cent and active listings falling by 4.8 per cent.
“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, in the news release.
Here’s a look at the biggest players last month:
- The 312 townhouse sales in the 416 represented an 11.8 per cent increase over last year.
- Semi-detached houses in Toronto-proper followed with a 7.4 per cent increase.
- Condos in the 905 followed with a 6.9 per cent bump in sales.
- The priciest housing type in the region got even more expensive in August: detached houses in the 416 rose 14.7 per cent over last year to an average of $902,428.
- Townhouses in Toronto-proper followed with an 11.7 increase to $463,798.
- Detached homes in the 905 also saw a jump in pricing with the average sales price rising to $644,120, a 9.3 per cent increase over last year.
For more details, check out the table from TREB below: