August 2015 Resale Home Sales

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. 

Source: TREB

 

August 2015 2014
  Sales Average Price New Listings Sales Average Price New Listings
             
Sales City of Toronto ("416") 2,807 $605,817 4,883 2752 $564,270 4,239
Rest of GTA ("905") 5,191 $600,872 7,745 4,816 $536,318 7,420
GTA 7,998 $602,607 12,628 7,568 $546,482 11,659
             
Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 756 -8.5%   $1,017,652 12.9%  
Rest of GTA ("905") 2913 7.5%   $733,577 13.8%  
GTA 3669 3.7%   $792,111 12.4%  
             
Semi-Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 231 -5.7%   $662,968 5.5%  
Rest of GTA ("905") 565 5.0%   $492,428 10.5%  
GTA 796 1.7%   $541,919 7.8%  
             
Townhouse 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 315 1.3%   $524,136 13.2%  
Rest of GTA ("905") 931 0.5%   $451,311 11.0%  
GTA 1,246 0.7%   $469,721 11.7%  
             
Condo Apartment 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1475 10.1%   $406,587 9.5%  
Rest of GTA ("905") 643 23.4%   $319,764 4.1%  
GTA 2118 13.8%   $380,228 7.6%  
             
Source: Market Watch Monthly News Release        

 

Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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