The Toronto Regional Real Estate Board (TRREB) has released its monthly housing report for August and stats show that there is still strong demand for Canadians to own a home.
While there is a sever decline of supply, buyers have been pouring money into purchasing a property. August recorded 8,596 home sales in the GTA, which is a 19.9 percent decline from the same period last year of 10,738. Most of the sales were located in the 905 area with 5,593 transactions. In the 416 area code, 3,003 transactions were logged.
“Sales have accounted for a much higher share of new listings this year compared to last, and the story was no different in August,” TRREB’s chief market analyst Jason Mercer said in the market report. “There has been no relief on the supply side for home buyers, in fact, competition between these buyers have increased.”
However, condo sales increased by 11.3 percent annually in the 905 and 416 area codes.
The price of a home in the GTA increased by 12.6 percent annually to $1,070,911. Average prices for detached properties in the GTA jumped 21.4 percent to $1,423,807, while a semi-detached house and town home increased by 13.9 percent and 17.7 percent to $1,031,580 and $873,961. Condo prices grew by 9.4 percent to an average of $688,568 in August.