Canada's Condominium Magazine
After peaking in May, the real estate resale market in Toronto begins the gradual slide that eventually ends in the depths of December. This year is no exception. August sales were up slightly compared to last August—2.8 per cent—but down compared to May, June and July, as is usual. The Toronto Real Estate Board (TREB) reported 7,600 sales through the TorontoMLS system in August. Sales so far this year amounted to 65,454, an increase of 6.5 per cent compared to the same period in 2013.
Sales were up in all home categories in August, which suggests, says TREB president Paul Etherington, “that first-time buyers and existing home owners remain very active in today’s marketplace.” Demand for ownership housing is expected to remain strong, Etherington said, as home buyers continue to benefit from “affordable home ownership opportunities” in the GTA.
Condo sales were consistent across the GTA, up 6.5 per cent over last year. A total of 1,871 condos changed owners, 1,344 of them in the 416 area. Price growth for resale condos was consistent with historical averages, at 4.4 per cent above August 2013, though price growth was stronger in the 905 area, at 5.4 per cent. The average resale condo price in Toronto 416 was $370.,899; in the 905 it was $307,148.
Once again, sales growth outpaced growth in new listings, meaning that Toronto remains a sellers’ market, with plenty of competition among buyers. Price growth reflects this. The average selling price in August was up 8.9 per cent over last year, reaching $546,303.