GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES

TORONTO, September 5, 2013 — Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013.  This represented a 21 per cent increase compared to 6,249 sales in August 2012.

“Sales were up strongly this past August for all major home types compared to last year.  Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home.  These households have found that a diversity of affordable ownership options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for August 2013 was $503,094 – up by almost 5.5 per cent compared to the average of $477,170 in August 2012.  The MLS® Home Price Index (HPI) composite benchmark was up by 3.7 per cent over the same period.

“Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income.  With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price August 1 – 31
2013 2012
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 2,665 $518,145 4,475 2,237 $496,927 4,247
Rest of GTA (“905”) 4,904 $494,914 7,733 4,012 $466,155 7,436
GTA 7,569 $503,094 12,208 6,249 $477,170 11,683
TorontoMLS Sales & Average Price  By Home Type August 1 – 31, 2013
Sales Average Price
416 905 Total 416 905 Total
Detached 846 2,789 3,635 783,708 590,583 635,531
Yr./Yr. % Change 23.0% 24.6% 24.2% 4.7% 5.1% 4.9%
Semi-Detached 231 536 767 576,022 409,322 459,528
Yr./Yr. % Change 7.4% 16.5% 13.6% 8.7% 5.1% 5.8%
Townhouse 285 938 1,223 416,463 374,494 384,274
Yr./Yr. % Change 12.6% 19.2% 17.6% -0.8% 6.7% 4.5%
Condo Apartment 1,280 506 1,786 357,572 293,825 339,512
Yr./Yr. % Change 21.4% 16.9% 20.1% 2.3% 7.1% 3.7%

Article from http://www.torontorealestateboard.com/market_news/release_market_updates/news2013/nr_market_watch_0813.htm

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