Condo sales in the 905 are up more than 23% compared to last year!

The Toronto Real Estate Board (TREB) released its home sales figures for August 2015, announcing a significant rise in sales, average price, and even listings.

There were 7,998 transactions reported through the MLS System in August 2015, which is a 5.7% year-over-year increase. New listings saw some growth compared to previous months, but the number is still lower than August 2014.

"Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term,” says TREB President Mark McLean. “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.”

“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices,” adds Jason Mercer, TREB's Director of Market Analysis. “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."  

The MLS Home Price Composite Benchmark as well as the average selling price went up around 10% compared to the same period last year. The average price in August 2015 was $602,607, compared to $546,482 in 2014.  

The average price of detached home in the 416 remains over $1 million at $1,017,652, but the home type actually saw a larger price jump in the 905 region. Detached homes in the 905 averaged $733,577, which is 13.8% higher than August 2014.

Condo units saw the largest year-over-year increase in sales, especially in the 905 region where sales jumped 23.4%. Combined with the 416 area, condo sales were up 13.8%.

Will new listings growth continue over the next few months and brings balance back to the GTA’s resale market?