Sep 17 | Posted by Barry Cohen

This has been a record-breaking year for real estate in the GTA month after month, and once again sales and the average price went up in August.  The average selling price for a home in the 416 area code remains at over a million dollars and more than $700K in the 905 zone, an increase of 10.3 percent compared to August 2014.

Inventory remains low keeping the GTA in a “buyer’s market” situation.  Active listings were down by 10.5 percent year-over-year, while the number of days a property is for sale continues to decrease with the average dropping to just 23 days.  It’s been a while since we have witnessed the annual growth rate for new listings overtaking the annual growth rate in sales, but the market would need to sustain this for many months before we could declare a “seller’s market”.

Members of the Toronto Real Estate Board reported 7,998 residential property sales through the board’s MLS system last month, which represented a 5.7 increase over August 2014.  Across the GTA in both area codes home sales were up for all major home types; however competition is strongest for low-rise home types like singles and semi-detached. The MLS Home Price Index Composite Benchmark was up substantially last month by approximately 10 percent compared to August 2014.

The housing market in the GTA remains strong and is showing no sign of weakening any time soon.  Many people are interested in the current value of their property with the market changing so rapidly month after month.  I would be happy to meet with you and provide you with an accurate, professional evaluation of your property’s true market value and answer any questions you may have.  Simply call my office today to schedule an appointment.

Sales & Average Price By Major Home Type (August 2015)

    Sales     Average Price  
  416 905 TOTAL 416 905 TOTAL
Detached 756 2913 3669 $1,017,652 $733,577 $792,111
Semi-Detached 231 565 796 $662,968 $492,428 $541,919
Townhouse 315 931 1246 $524,136 $451,311 $469,721
Condo Apartment 1475 643 2118 $406,587 $319,764 $380,228

 

Year-Over-Year Summary

  2015 2014 % CHANGE
Sales 7998 7568 +5.7%
New Listings 12,628 11,659 +8.3%
Active Listings 15,997 17,882 -10.5%
Average Price $602,607 $546,482 +10.3%
Average Days on Market 23 27 -14.8%