TORONTO, September 4, 2014 – Toronto Real Estate Board reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 % compared to 7,391 transactions reported in August 2013. Year-to-date sales through the end of August amounted to 65,454, which represented an increase of 6.5 % compared to the same period in 2013.
Looking forward to the fall market demand for ownership housing will remain strong. Home buyers will continue to benefit from a diversity of affordable home ownership opportunities throughout the GTA. The fact that sales were up for all major home types in August suggests that first-time buyers and existing home owners remain very active in today’s marketplace.
The average selling price in August 2014 was $546,303 – up 8.9 % in comparison to the average of $501,677 reported in August 2013. The year-to-date average price through August was $562,504, which represented an increase of 8.5 % in comparison to the same period in 2013.
The number of listings in August was down in comparison to last year, while the number of sales increased. 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.