The average sale price of homes across the GTA was up 10 per cent in August to $602,607 and sales climbed 5.7 per cent as Toronto’s hot real estate market continued to show no signs of cooling down.
Leading the way, once again, were condo sales which were up almost 14 per cent as more people searched for alternatives to low-rise detached, semi-detached and townhomes, which continue to climb out of reach.
That strong demand helped push up condo prices by 9.5 per cent in the City of Toronto and 4.1 per cent in the 905 regions, to an average of $406,587 and $319,764, according to figures released by the Toronto Real Estate Board Friday.
The average sale price of a detached house in the City of Toronto remained firmly above $1 million, at $1.017 million, up 12.9 per cent year over year, despite an 8.5 per cent decrease in sales. That is like more a reflection of lack of supply.