TD towers by spDuchamp
We’ve witnessed record sales for four consecutive months this year. Prices have been growing constantly, and the inventory has been usually lower than in 2014. Jason Mercer, Toronto Real Estate Board’s Director of Market Analysis, commented on the situation:
"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."
Greater Toronto Area REALTORS® reported 7,998 sales through TREB MLS® System last month, representing a 5.7 per cent increase compared to August 2014. However, sales in the C02 area went down significantly. Last month only 39 residential transactions were recorded, representing a 18.75 drop year-over-year. Sales were up for all major home types on a GTA-wide basis.
Active listings were down by 10.54 per cent in the GTA at the end of the month and in the City of Toronto they remained almost at the same level, up by only 0.62 per cent. Active listings for the C02 area were up by 13.53 per cent, showing that the downtown market continues to be very active.
Both average prices and the MLS® Home Price Index Composite Benchmark went up by approximately 10 per cent in the GTA. Average price in the Greater Toronto Area has reached $602,607. In the C02 area the prices are still high with the average price at $1,213,738 in August 2015. Toronto Real Estate Board President Mark McLean is optimistic:
"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."