August 2013 Resale Home Sales

Greater Toronto Area REALTORS® reported 7,569 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.

Source: TREB Market Watch

    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 2,665 $518,145 4,475 2282 $496,927 4,247
Rest of GTA ("905") 4,904 $494,914 7,733 4012 $466,155 7,436
GTA 7,569 $503,094 12,208 6,249 $477,170 11,683
             
             
Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 846 23.0%   $783,708 4.7%  
Rest of GTA ("905") 2789 24.6%   $590,583 5.1%  
GTA 3635 24.2%   $635,531 4.9%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 231 7.4%   $576,022 8.7%  
Rest of GTA ("905") 536 16.5%   $409,322 5.1%  
GTA 767 13.6%   $459,528 5.8%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 285 12.6%   $416,463 -0.8%  
Rest of GTA ("905") 938 19.2%   $374,494 6.7%  
GTA 1223 17.6%   $384,274 4.5%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1280 21.4%   $357,572 2.3%  
Rest of GTA ("905") 506 16.9%   $293,825 7.1%  
GTA 1786 20.1%   $339,512 3.7%  
             
Source: Market Watch Monthly News Release        

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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