Growth in Home Sales Continued in August
TREB
reported 7,600 sales through the TorontoMLS system in August 2014. This result
was up by 2.8 per cent compared to 7,391 transactions reported in August 2013.
Year-to-date sales through the end of August amounted to 65,454, which
represented an increase of 6.5 per cent compared to the same period in 2013.
The average selling price in
August 2014 was $546,303 – up 8.9 per cent in comparison to the average of
$501,677 reported in August 2013. The year-to-date average price through August
was $562,504, which represented an increase of 8.5 per cent in comparison to
the same period in 2013.
The number of listings in
August was down in comparison to last year, while the number of sales
increased. This means that sellers’ market conditions remained in place with a
lot of competition between buyers. This is why we continued to see strong price
growth last month.
Looking forward, if sales growth continues to outstrip listings
growth, the average selling price should continue to increase on a
year-over-year basis.