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Toronto Real Estate Hot in August
The number of resale housing transactions in the month of August climbed 11 per cent over the previous year, making it the best August ever, Toronto Real Estate Board President John Meehan announced today.
"We have seen strong sales figures all summer and this record-breaking performance is further evidence of the market's consistency throughout the season. These figures represent the third straight record August dating back to 2003. Consumers are demonstrating increasing confidence in the summer season as a great time to buy or sell a home and the market is reflecting that," Mr. Meehan said.
The continued strength of the summer market has also nudged year-to-date total sales closer to last year's record numbers. The total of 59,320 transactions so far this year is within one and a half per cent of the number of homes that had changed hands by the end of August 2004.
The 11 per cent increase in the overall August market generated pockets of particularly high activity in neighbourhoods within the city of Toronto as well as its surrounding regions.
In the East, townhome sales helped Whitby record 38 per cent more transactions during the month, compared to August 2004.
The Islington / Kingsway area of Etobicoke saw a sales increase of 60 per cent over last August.
The Bayview Village / Hillcrest Village area of North York showed a 28 per cent increase in the number of transactions compared to last August, fuelled by sales of condominiums.
North of the city, Richmond Hill continued to be very active, showing a 25 per cent increase. The North end of the town showed particularly strong activity as the number of homes changing hands there jumped 103 per cent over August of last year.
The year-to-date average price for a home in the GTA at the end of August was $323,255, up seven per cent compared with the average price last August year-to-date.
"The housing market in the Greater Toronto Area remains in very good condition. Steady, controlled price increases coupled with a healthy sales pace make it an excellent time to get into the housing market or make the switch to another home," Mr. Meehan said.
September 6, 2005 in Toronto Real Estate Update | Permalink
