Real estate sales volumes have increased in Toronto’s suburbs as per the latest reports while they have moderated a little in the main city. TREB has already released its figures for August which shows this trend clearly. Demand was higher for the 905 while it was a little on the slower side as far as the City of Toronto was concerned. TREB’s composite benchmark pricing is still higher as compared to last year at $764, 800 which is however lower by $3, 600 from the preceding month. The benchmark price also came down by $700 for the City of Toronto to stand at $838, 200 as per reports.
Prices are higher by 1.45% as compared to last year which is a major improvement in comparison to the preceding month. The median sale price increased in the GTA by 4.79% as compared to last year to stand at $659, 900. The median sale price in the City of Toronto touched $637, 500 which indicates an increase of 9.16%. This goes to show that demand is still healthy in both the suburbs and the city although the former is getting the bulk of it at present. For the GTA, average selling prices hit $765, 270 last month which indicates 4.50% growth in comparison to last year. The prices touched $785, 223 in the City of Toronto which indicates an increase of 8.05% as compared to the last year.
Condo prices increased majorly in the city and drove prices upwards, backed by strong demand. 6, 839 units were sold last month which represents an increase of 7.85% as compared to the last year. The City of Toronto accounted for 2, 441 units in sales volumes from this tally. The number of new listings went up by 5.58% to stand at 12, 166 for last month with the City of Toronto contributing 3, 752 listings from this tally, an increase of 4.13% as compared to last year. There is slight moderation in the City of Toronto while the suburbs are gaining from higher demand. Markets are still adjusting to the new policies introduced for Ontario although buyers and investors seem to have accommodated the same already, going by the August sales figures and overall price increases.