TORONTO,
September 4, 2014 – Toronto Real Estate Board President Paul Etherington
reported 7,600 sales
through the TorontoMLS system in August 2014. This result was up by 2.8 per
cent compared to 7,391
transactions reported in August 2013. Year-to-date sales through the end of
August amounted to 65,454,
which represented an increase of 6.5 per cent compared to the same period in
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. The fact that sales
were up for all major home types in August suggests that first-time buyers and
existing home owners remain very active in today’s marketplace,” said Mr.
Etherington.
The average
selling price in August 2014 was $546,303 – up 8.9 per cent in comparison to
the average of $501,677 reported
in August 2013. The year-to-date average price through August was $562,504,
which represented
an increase of 8.5 per cent in comparison to the same period in 2013.
“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.” Said Jason Mercer, TREB’s Director of Market Analysis.
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