TORONTO, Sep 5, 2013

TORONTO, Sep 5, 2013 — Greater Toronto Area REALTORS reported 7,569 home transactions through the TorontoMLS system in August 2013. This represented a 21 percent increase compared with 6,249 sales in August 2012.

"Sales were up strongly this past Aug for all of the major home types matched against last year. Many households have accounted for the additional costs brought on by tougher mortgage lending guidelines and have reactivated their search for a home. These homes have revealed that a variety of affordable ownership options exist throughout the GTA," recounted Toronto Property Board President Dianne Usher.

The average selling price for Aug 2013 was $503,094 up by almost 5.5 percent compared against the average of $477,170 in August 2012. The MLS Home Price Index ( HPI ) composite baseline was up by 3.7 percent over the same period. With this in mind, tight market conditions are anticipated to promote continued price growth through what’s left of 2013," asserted Jason Mercer, TREB’s Senior Manager of Market Analysis.