Sales increase for Toronto homes

All housing types in the Greater Toronto Area saw an increase in August, according to new figures from the Toronto Real Estate Board.

The overall increase year-over-year was 5.7% with 7,998 sales. Condo sales grew by 13.8% year-over-year.

New listings grew faster than sales but the overall level of active listings was lower in August than the same time in 2014, making it a sellers’ market.

“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices," said Jason Mercer, TREB's director of market analysis. 

"It was encouraging to see annual growth in new listings outstrip annual growth in sales, but we will need to see this for a number of months before market conditions become more balanced,"

Prices increased in both HPI Composite Benchmark and average selling price terms.

In the City of Toronto the average price in August was $605,817, up from $564,270 in 2014, while the rest of the GTA saw an average of $600,872, up from $536,318 in 2014.

Detached houses and townhouses achieved the highest price increases, at 12.4% and 11.7%, respectively.

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