residential transactions through the TorontoMLS system in
August 2013. This represented a 21
per cent increase compared to 6,249 sales in August 2012.
“Sales were up strongly this past August for all major home
types compared to last year. Many
households have accounted for the added costs brought on by
stricter mortgage lending
guidelines and have reactivated their search for a home.
These households have found that a
diversity of affordable ownership options exist throughout
the GTA,” said Toronto Real Estate
Board President Dianne Usher.
The average selling price for August 2013 was $503,094 – up
by almost 5.5 per cent compared
to the average of $477,170 in August 2012. The MLS® Home
Price Index (HPI) composite
benchmark was up by 3.7 per cent over the same period.
“Despite an increase in borrowing costs during the spring
and summer, an average priced home
in the GTA has remained affordable for a household earning
an average income. With this in
mind, tight market conditions are expected to promote
continued price growth through the
remainder of 2013,” said Jason Mercer, TREB’s Senior Manager
of Market Analysis.
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