August 2013 Sales and Average Price Up Over 2012
The Toronto Real Estate Board reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21% 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% compared to the average of $477,170 in August 2012. The MLS® Home Price Index (HPI) composite benchmark was up by 3.7% 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.
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