Real Estate Market

The latest real estate figures have just been released by the Greater Toronto Area Realtors. Last month, 7,569 residential transactions through the TorontoMLS system in August 2013, a substantial year-over-over increase of 21 per cent compared to August 2012.

As Toronto Real Estate Board (TREB) president Dianne Usher reasoned, “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.”

Further adding to the positive news, the average selling price for August 2013 was $503,094, which represents a 5.4 per cent increase compared to an average selling price of $477,170 the same time last year. There has been a 4.5 per cent increase in the number of new listings last month, with 12,208 new listings added to the TorontoMLS system compared to 11,683 last August. The average days on market (DOM) remains relatively unchanged at 29 days last month, compared to 28 days in August 2013.

Within York Region, Markham remains the most active community in a real estate context, comprising almost 32 per cent of total sales, or 468 sales, in August 2013 out of the 1,476 sales in all of York Region. Detached homes made up almost 50 per cent of all home purchases in Markham. The average selling price in Markham was $635,653.

Want more information or are you looking to sell or lease a home? Contact a Century 21 King’s Quay sales representative today!

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