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.
“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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