The Toronto Real Estate Board has released its latest Toronto MLS statistics, finding that home transactions in August 2014 increased by 2.8 per cent over August of last year, from 7,391 sales to 7,600. Year to date, there has been an increase of 6.5 per cent over 2013.
“The last full month of summer ended on a high note. As we look toward the fall market, I expect that demand for ownership housing will remain strong. Home buyers will continue to benefit from a diversity of affordable home ownership opportunities throughout the GTA,” said the president of the Toronto Real Estate Board, Paul Etherington.
The average selling price of a home in Toronto also increased by 8.9 per cent to $546,303, and year-to-date by 8.5 per cent.
Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board, also said that, “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.”