GTA Resale Market Stays Hot Through August
By Lucas on Sep 05, 2014
The Toronto Real Estate Board (TREB) released their monthly resale report, announcing that sales stayed strong in August 2014 throughout the Greater Toronto Area (GTA).
In August, 7,600 sales were reported through the TorontoMLS system, which is a 2.8 percent increase compared to the 7,391 sales in August 2013. As of the end of August, year-to-date sales reached 65,454, a 6.5 percent increase compared to the same time period last year.
“The last full month of summer ended on a high note. As we look toward the fall market, I expect that demand for ownership housing will remain strong. Home buyers will continue to benefit from a diversity of affordable home ownership opportunities throughout the GTA. The fact that sales were up for all major home types in August suggests that first-time buyers and existing home owners remain very active in today’s marketplace,” said TREB President Paul Etherington.
While sales were up for all homes types, nearly half of August’s sales were of detached homes (3,551 sales). The second most sales were of condo units (1,871), followed by townhomes (1,242), and semi-detached homes (785).
“The number of listings in August was down in comparison to last year, while the number of sales increased. This means that sellers’ market conditions remained in place with a lot of competition between buyers. This is why we continued to see strong price growth last month. Looking forward, if sales growth continues to outstrip listings growth, the average selling price should continue to increase on a year-over-year basis,” said Jason Mercer, TREB’s Director of Market Analysis.
The average selling price of a resale home in the GTA in August was $564,303, an 8.9 percent increase from August 2013’s average of $501,677. The year-to-date average was $562,504, an 8.5 percent increase compared to last year.
Detached homes in the 416 region continue to sell for an average of more than $900,000, while condo units continue to be the most affordable options for a home, averaging $352,942 throughout the GTA.
As we learned during Home Selling Month, the fall is one of the best times to list your home for sale, so hopefully listings start to catch up with demand! If resale can't keep up with demand, there are many new home choices on Newinhomes.com!
