Sales were up 5.6% for August compared to last year with 7,998 houses and condominiums changing hands in all the districts. This was the third best August on record! Sales are actually up 20% above the last 15-year average.
Condo townhouse and high-rise suites continued to taking a boosted 34.3% share of the market with 2,742 units being sold. This was the highest number of condo sales ever for the month of August.
The August average sale price for all GTA homes came in at $602,607 – up 10.2% from 2014 – and down slightly from July.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be. We had a 19.7% decline in inventory for the month of August compared to historical numbers and lower by 10.5 % from last year at this time.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In August that ratio finished at 50% - up 8% from last year’s result and moderated significantly from the market we’ve had this year so far. We’re still definitely in ‘very busy’ seller market territory!
The days-on-market average for Toronto homes was 22.
Watch the video to get the complete August Market Report details.