Market Watch - August 2016 real estate sales in Toronto
Thursday, 08 September 2016, 12:05:00 PM
In the video published on September 7th, 2016, Toronto Real Estate Board Senior Manager, Jason Mercer, talks about the real estate sales in the Greater Toronto Area in August. With August over, and the kids back at school, we are at an unofficial end of summer.
August sales have been very strong, and substantially more properties have been reported sold than in August 2015. Part of the reason lies in the fact that there were two more working days in August this year, and majority of sales are reported on working days. Greater Toronto Area Realtors reported 9,813 sales in August, 1,870 more than last year.
Relatively strong regional economy, low borrowing costs and growth in average earnings are some of the factors behind the strong demand for house ownership. Very limited listings supply, with number of new listings down by 1.2%, resulted in strong competition between prospective buyers, and very strong price growth in all property types. In comparison with August 2015 the average price of all property types increased by 17.7%. The highest price increase - 23.3% - was again reported for detached homes in the 905 area. In the City of Toronto detached house prices increased by 18.3%.
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