August was a hot month for home sales in the GTA.
The latest figures from the Greater Toronto Area REALTORS indicate 9,813 homes were sold via the Toronto Real Estate Board’s MLS system, which is a new record for the month.
Compared with August 2015, sales were 23.5% higher.
“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.” – Toronto Real Estate Board President Larry Cerqua.
Average selling prices also rose last month, by 17.7%, to $710,410 for the GTA.
In Toronto, the average price of a home was $677, 241, but when you break the numbers down even further, the average price of a detached home in the city worked out to be $1.2M.
“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.” – Jason Mercer, TREB’s Director of Market Analysis.