TORONTO, ONTARIO--(Marketwired - Sept. 5, 2013) - Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21 per cent increase compared to 6,249 sales in August 2012.
"Sales were up strongly this past August for all major home types compared to last year. 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," said Toronto Real Estate Board President Dianne Usher.
The average selling price for August 2013 was $503,094 - up by almost 5.5 per cent compared to the average of $477,170 in August 2012. The MLS® Home Price Index (HPI) composite benchmark was up by 3.7 per cent over the same period.
"Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income. With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013," said Jason Mercer, TREB's Senior Manager of Market Analysis.
| Summary of TorontoMLS Sales and Average Price August 1 - 31 | ||||||
| 2013 | 2012 | |||||
| |
Sales |
Average Price |
New Listings |
Sales |
Average Price |
New Listings |
| City of Toronto ("416") | 2,665 | $518,145 | 4,475 | 2,237 | $496,927 | 4,247 |
| Rest of GTA ("905") | 4,904 | $494,914 | 7,733 | 4,012 | $466,155 | 7,436 |
| GTA | 7,569 | $503,094 | 12,208 | 6,249 | $477,170 | 11,683 |
| TorontoMLS Sales & Average Price By Home Type August 1 - 31, 2013 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 846 | 2,789 | 3,635 | 783,708 | 590,583 | 635,531 |
| Yr./Yr. % Change | 23.0% | 24.6% | 24.2% | 4.7% | 5.1% | 4.9% |
| Semi-Detached | 231 | 536 | 767 | 576,022 | 409,322 | 459,528 |
| Yr./Yr. % Change | 7.4% | 16.5% | 13.6% | 8.7% | 5.1% | 5.8% |
| Townhouse | 285 | 938 | 1,223 | 416,463 | 374,494 | 384,274 |
| Yr./Yr. % Change | 12.6% | 19.2% | 17.6% | -0.8% | 6.7% | 4.5% |
| Condo Apartment | 1,280 | 506 | 1,786 | 357,572 | 293,825 | 339,512 |
| Yr./Yr. % Change | 21.4% | 16.9% | 20.1% | 2.3% | 7.1% | 3.7% |
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of- the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.
Contact Information:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158 (FAX)
maryg@trebnet.com
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