Average home price in Greater Toronto Area (GTA) increased 10.3% in August from a year ago to $$602,607, with sales totaling 7,568, up 5.7% compared to August 2014. Overall, another strong month for the GTA housing market.
Compared to August 2014, condominium apartments had the highest increase in sales, up 13.8%. Sales of detached homes went up 3.7%, while sales of semi-detached homes and townhouses increased by a smaller amount of 1.7% and 0.5%, respectively.
Average prices for detached homes and townhouses had double digit year-over-year increase, up 12.4% and 11.7%, respectively. Prices for semi-detached homes and condominium apartments were also very strong, increased 7.8% and 7.6% respectively.
New listings grew 8.3% in August, with the largest increase in the condo market segment. However, active listings at the end of August were still down compared to last year. As a result, tight seller’s market conditions remained in place, especially in low-rise homes like singles, semis and townhouses.