Home sales across the Greater Toronto Area increased in August, with 7,998 transactions reported by the Toronto Real Estate Board at a 5.7 per cent increase over the same time last year.
“Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term,” said president of the Toronto Real Estate Board, Mark McLean. “They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community.”
The average selling price for a home in Toronto increased by 10 per cent year over year. In the 416 area code, the average selling price was $605,817.
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices,” said Jason Mercer, the director of market analysis for the Toronto Real Estate Board. “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.”