August Real Estate Market Hotter Than The Weather
Cooler than average August weather has not stopped home buyers in the GTA from getting out and buying. The strong sales growth that has been trending in the Toronto real estate market since the spring is showing no signs of abating. Mid-month sales numbers for August released by the Toronto Real Estate Board (TREB) show an increase of 7.6 per cent compared to the same period last year. During the first fourteen days of August, 3,504 sales were reported through the board’s MLS system. Since May, monthly sales have surpassed those of the three previous years.
TREB President Paul Etherington said that sales were up for all major home types—detached, semi-detached, townhouse and condominium. “This means that many different types of buyers were active in the marketplace, including first-time buyers purchasing newly listed condominium apartments and existing homeowners changing their housing situation to meet their current needs,” said Etherington.
As usual, scarcity of supply in the detached and semi-detached categories sent prices up as buyers competed for relatively few listings. Price growth in the first half of August was particularly strong for detached homes in the City of Toronto, where the year-over-year increase was 12.3 per cent, leaving the average price at $843,138. Overall, the average selling price was up by 9.4 per cent year-over-year, to $538,530. The average price for a resale condo in the GTA was $353,136.
Condo sales were up 12.4 per cent on a year-over-year basis. They continue to dominate by a wide margin in the City of Toronto, outselling semis and townhouses by about 5 to 1, and outselling detached homes by nearly 2 to 1. In the GTA, reflecting the very different supply available, single detached homes are the dominant choice by far.
King City real estate, Kleinburg real estate, Vaughan real estate, and Richmond Hill real estate is in high demand. Interest Rates are still low, and there are a shortage of listings in some areas. If you were on the market previously, and didn't sell, try it now. Please take a look at the local market information statistics under the “Helpful Information” tab at the top of your screen and then click Local Market Information.
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