While summer has traditionally been regarded as a season when Buyers – distracted by vacations, weddings, or just the chance to crack a cold one on a dock – cool off from house-hunting in Toronto, this Summer has been anything but.
Here's the latest real estate press release from the Toronto Real Estate Board for August 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.
Here's more stats from TREB.
At urbaneer.com we’re here to help, all without pressure or hassle. We simply love what we do. With a multi-disciplinary education in housing, sound knowledge of the mechanics of real estate and a sharp skill set in evaluating properties for over two decades, we’re here to guide you through all the factors which play into Toronto's real estate market.
~ Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-8000
Like what you've read? Consider signing up in the box below to receive our FREE monthly newsletter on housing, culture and design, including our love for unique urban homes and other Toronto real estate.
Have you seen Steven's newest site Houseporn.ca? It's his student mentorship site on Canadian architecture, landscape, design, products and real estate!
Hero Image is courtesy of The Incredible Flying Houses Of Laurent Chehere