After a busy July, real estate activity in the greater Toronto Area broke yet another record in August for monthly home sales. Released data from the Toronto Regional Real Estate Board (TRREB) for August revealed that home sales reached 10,775- a 40% increase from last year. The average home price jumped 20% also setting a new record.
Although the total number of homes sold was up by 40% across the Toronto Regional Real Estate Board, there was a notable difference in growth between property types. Larger homes generally saw the biggest annual sales increases, with detached houses sales up 50% year-over-year, semi-detached sales rising 66%, condo townhouse sales increasing 38%, while condo apartment sales saw a modest bump of 11% in comparison.
Average sold prices also grew the most among larger properties: the average detached house price increased 20% from last year, or $193,960, to $1,172,880, the highest since the spring of 2017 when the average price was about $1.2 million. Semi-detached house prices increased 18% to $905,712, condo townhouses rose 14% to $660,177, while the average condo apartment price grew steadily by 10%, or $55,011 to $629,643.
Although the condo apartment market in the Greater Toronto Area experienced an increase in sales activity during August, the rise was modest in comparison to the amount of inventory added to the market. Condo apartment sales rose 11% while new listings leapt and overwhelming 104% increase. Active listings reached 6,302, doubling last year’s levels. Despite the reduced competition, the average City of Toronto condo apartment price still rose 9%, or $53,867, from last year to $673,174.