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 per cent with 7,998 sales. Condo sales grew by 13.8 per cent 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. 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," said Jason Mercer, TREB's Director of Market Analysis.
Prices increased in both HPI Composite Benchmark and average selling price terms. In the city of Toronto the average price on August was $605,817 (2014: $564,270) while the rest of the GTA saw an average of $600,872 (2014: $536,318). Detached houses (12.4 per cent) and townhouses (11.7 per cent) achieved the highest price increases.
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