TORONTO, September 4, 2014 — Toronto Real-estate Board President Paul Etherington reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 % compared with 7,391 transactions reported in Aug 2013. Year-to-date sales through the end of Aug amounted to 65,454, which represented an increase of 6.5 percent compared to the same period in 2013.
“The last full month of summer ended on a high note. As we look toward the fall market, I predict that demand for possession housing will remain strong. Home buyers may continue to benefit from a variety of cheap home possession opportunities across the GTA. The incontrovertible fact that sales were up for all of the main home types in Aug means that first-time buyers and existing householders remain awfully active in the current day’s marketplace,” said Mr. Etherington.
The average selling price in Aug 2014 was $546,303 up 8.9 per cent in comparison to the average of $501,677 reported in August 2013. The YTD average price through Aug was $562,504, which represented an increase of 8.5 % in contrast to the same period in 2013. This implies that sellers’ market conditions remained in place with a large amount of competition between customers.
“The number of lists in Aug was down contrasted to last year, while the quantity of sales increased. This is why we continued to see powerful price expansion last month. Looking forward, if sales expansion continues to outstrip lists growth, the average selling price should continue to increase on a year-over-year basis,” said Jason Mercer, TREB’s Director of Market Analysis .