Tuesday, September 15, 2015
Market Watch August 2015
TORONTO, September 4, 2015 – Toronto Real Estate Board
President Mark McLean announced that Greater Toronto Area REALTORS® reported
7,998 residential transactions through the TREB MLS® System in August 2015.
This result represented a 5.7 per cent increase compared to 7,568 sales
reported in August 2014. On a GTA-wide basis, sales were up for all major home
types. The annual growth rate in new listings was greater than the annual
growth rate in sales, but active listings at the end of August were still down
compared to last year. This suggests that sellers’ market conditions remained
in place, especially where low-rise home types like singles, semis and
townhouses were concerned. “Buyers in the GTA remain confident in their ability
to purchase and pay for a home over the long term. 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,” said Mr. McLean. Both the MLS® Home Price Index (HPI) Composite
Benchmark and the average selling price for all home types combined were up
substantially in August compared to the same period in 2014, with both
increasing by approximately 10 per cent year-over-year. “A record year for home
sales continued to unfold in August as competition between buyers exerted
upward pressure on selling prices. 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," said
Jason Mercer, TREB's Director of Market Analysis.
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