Average real estate home prices in the Greater Toronto Area increased to $710,410, up 17.7% in August 2016. Sales increased by 23.5% to 9,813 from 7,943 sales in August 2015. Meanwhile, inventory continues to shrink. Active listings of properties available on the market were down 37.8% in the Greater Toronto Area. New listings were down 1.2%.
It took an average of 18 days for a home to sell in August 2016.
Average prices for detached homes in the City of Toronto increased 18.3% to $1,206,637; semi’s went up 16.4% to $774,700; townhouses went up 16.9% to $614,638; and condos rose 9.8% to $446,612.