Toronto continues to be a seller’s market, but the rest of the GTA is seeing greater sales price growth year over year, a Toronto Real Estate Board (TREB) report released today suggests.
In the GTA excluding the 416, the average sales price last month was $600,872, up about 12 per cent from $536,318 one year earlier. Meanwhile in Toronto-proper, the increase was less pronounced but still considerable. The average price was $605,817, up from $564,270 last year at this time for an increase of about 7.4 per cent.
After dipping below the million dollar mark in July, the sale price of a detached home in Toronto jumped back to $1,017,652. The average price for this housing type has been over $1 million for six of eight months of the year so far.
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices,” said Mark Maclean, TREB’s president, in a press release accompanying the report.
Home sales, which include single-family detached, single-family attached, townhomes and apartments, hit 2,807 in Toronto last month, slightly up from the 2,752 sales seen in August 2014, according to the report. That’s an increase of about two per cent.
In the 905, there were 5,191 sales tracked this August, compared to 4,816 over the same month last year, translating to an increase of about 7.8 per cent.
All in all, across the entire GTA residential transactions processed through the MLS System in August 2015 numbered 7,998, up from 7,568 sales at the same time last year. The difference represents a 5.7 per cent increase. The average sales price was $602,607 bettering last August’s average of $546,482.
“Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term,” said Maclean in the release.