Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 percent increase compared to 6,797 sales reported in August 2018. The average selling price, at $792,611 in August 2019, was up by 3.6 percent year-over-year. Sales were up by 0.8 percent in GTA, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has rebounded to a certain degree in 2019, although not back to the record levels experienced in 2016 and the first quarter of 2017.
Market conditions also became tighter in July and August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three percent over the same time period to 11,789. Year-to-date, growth in sales has well-outstripped growth in new listings. This is why overall active listings counted at the end of August were down by more than 11 percent compared to August 2018.
The condominium apartment segment continued to lead the way in terms of price growth, followed by higher density low-rise home types and finally detached houses.
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