The latest release from the Toronto Real Estate Board (TREB) demonstrates the overarching market trends continue across the Greater Toronto Area. August 2016 sales reported an increase in the average residential sale price on a year-over-year basis while available new listings declined.
A record of 9,813 transactions closed last month in the GTA, a 23.5 per cent increase from August 2015. TREB President Larry Cerequa noted that this August 2016 had two more working days than the previous year, but even when figures adjusted to account for additional days available for closings, sales still rose 13 per cent.
Toronto homebuyers could expect to pay $710,410 on average for a residence in August. In the central 416 area, the average sale price for a detached residence was $1.2 million, a bump of 18.3 per cent from August 2015. Detached properties in the 905 averaged $905,610. Year-over-year, the Home Price Index (HPI) Composite Benchmark increased 17.2 percent.
The super-luxury market segment reported another month of strong sales with 233 closed properties combining detached, semi-detached, townhome, and apartment listings.
The favourable regional economy, growth in average earnings, low interest rates, and continued high demand for homeownership are the driving factors behind the continuing rise in average sale prices and closed transactions across all market segments in the GTA.
The available number of new listings in GTA reached 12,409, down 155 listings year-over-year. Total active listings declined 37.8 percent compared to last year’s numbers. The average days on market reached 18 days, five days fewer than the same month last year.
In a highly competitive market, it is crucial to have the right representation as a buyer and seller. Barry Cohen understands the current market conditions for Toronto’s luxury market like no other agent. Consult with the Barry Cohen group on your next real estate venture.