Sales
and Average Price Up in August
September 4, 2015 -- Toronto Real Estate Board President Mark McLean announced that
Greater Toronto Area REALTORS® reported 7,998 residential transactions through
the TREB MLS® System in August 2015. This result represented a 5.7 per cent
increase compared to 7,568 sales reported in August 2014. On a GTA-wide basis,
sales were up for all major home types.
The annual growth rate in new listings was greater than the annual
growth rate in sales, but active listings at the end of August were still down
compared to last year. This suggests that sellers' market conditions remained
in place, especially where low-rise home types like singles, semis and
townhouses were concerned.
"Buyers in the GTA remain confident in their ability to purchase
and pay for a home over the long term. 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,"
said Mr. McLean.
Both the MLS® Home Price Index (HPI) Composite Benchmark and the average
selling price for all home types combined were up substantially in August
compared to the same period in 2014, with both increasing by approximately 10
per cent year-over-year.
"A record year for home sales continued to unfold in August as
competition between buyers exerted upward pressure on selling prices. 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," said Jason Mercer, TREB's Director of
Market Analysis.
