There is more good news this month for the Toronto real estate market! The Toronto Real Estate Board (TREB) has just released its housing data for August 2018, and for a third consecutive month, total sales are up year-over-year. The 6,839 real estate transactions represent a solid 8.5% annual gain, while at $765,270 the average sales price for all homes sold represents a 4.7% jump over the same time last year.
August sales also continue to illustrate the market’s increased appetite for low-rise housing. Of note, more detached homes were sold than any other housing category, representing 44% of the sales mix, and a gain of 17.7% from last August. Last month was the second largest year-over-year increase in the sale of single family homes since March 2017. Townhomes had the second biggest gain at 5.6%, while condominium apartments and semi-detached home sales were flat.
Despite a year-over-year price increase, the average price for homes sold in August represents a drop from July, as sellers dampen their expectations and buyers gravitate towards more competitively priced options. Looking at average prices for Central Toronto, detached homes sold for $1,244,275 (down from $1,350,700 in July); semis sold for $891,208 (down from $935,300 in July); townhomes sold for $683,160 (down from $718,698 in July); and condo apartments sold for $585,355 (up from $582,547 in July).
With an annual increase of 8.8% in active listings, supply continues to be tight across the GTA. Currently, there is roughly 2.5 months of housing supply for TREB districts and less than 2 months supply in the City of Toronto. Though buyers have found some price relief this summer, it may be short-lived as demand continues to increase.