Greater Toronto Area REALTORS® reported 3,359 sales through the TorontoMLS system during the first two weeks of August 2013. This result represented a 22 per cent increase compared to 2,743 sales in August 2012.
Sales were up on a year-over-year basis for all home types. Total new listings were up over the same period, but by a much lesser rate than sales.
“The strong annual sales growth experienced in July was sustained in the first two
weeks of August. The fact that sales were up for all major home types in the City of
Toronto and surrounding regions suggests that a wide range of buyers are active in the marketplace today – from first-time buyers through to existing home owners whose housing needs have changed,” said Toronto Real Estate Board President Dianne Usher.
The average selling price during the first two weeks of August 2013 was $494,617 – up three per cent in comparison to the same period in 2012.
“Sales growth that is stronger than new listings growth is indicative of more competition between buyers. Against this backdrop, it makes sense that the average selling price continued to grow,” said Jason Mercer, TREB’s Senior Manager of Market Analysis