The Greater Toronto Area Realtors have just released the latest real estate sales figure. Last month, there were 7,600 transactions reported through the TorontoMLS system, which represents a 2.8 per cent increase from 7,391 last August. Further, the average selling price last month saw an 8.9 year-over-year increase to $546,303 from $501,677.
The Director of Market Analysis at Toronto Real Estate Board (TREB) Jason Mercer attributes the growth in selling price to be a result of high competition between buyers. “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 Mercer.
Paul Etherington, the president of TREB, expressed a positive outlook on the continuation of these trends into the next quarter. “As we look toward the fall market, I expect that demand for ownership housing will remain strong,” Etherington said. “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.”
If you would like more information about the real estate market or are looking to buy, sell or lease your home, contact a knowledgeable and experienced Century 21 King’s Quay realtor today!