Financial Post | Business

A lukewarm summer didn’t cool off Toronto’s red hot housing market which remains in sellers’ territory, according to the city’s realtors.

The average price of a home in the country’s largest market continued to rise, reaching $546,303 for the region — an 8.9% increase from a year ago. In the much sought-after detached home segment of the market, the average sale price reached $902,428 in the city of Toronto proper, a 14.7% increase from a year ago.

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“The number of listings in August was down in comparison to last year while the number of sales increased. This means the sellers’ market conditions remained in place with a lot of competition between buyers, said Jason Mercer, director of market analysis with the Toronto Real Estate Board, in a release.

Mr. Mercer expects sales growth to continue to outpace listings growth which will lead to ongoing increases in year-over-year average sale prices.

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