Toronto home sales and prices rose sharply in August as demand outstripped supply.
Sales in Toronto rose 13% to 7,711 from the same period of 2018, according to the Toronto Real Estate Board. The growth was driven by a boost in detached-home sales, which soared 21% over last year. On a seasonally adjusted basis, total sales rose 0.8% from July.
The benchmark price, which accounts for the type of home sold, rose 4.9% to $802,400, largely driven by gains in the condo apartment sector. Toronto home sales have rebounded over the summer after adjusting to stricter mortgage-lending rules brought in last year amid higher borrowing costs. Limited housing supply is driving up prices and sales.
New home listings fell 3% to 11,789 in August, while active listings fell 11% to 15,870 over the same period. The average price of a home rose 3.6% to $792,611. That average is down from July’s level of $806,862.
