The Toronto Real Estate Board (TREB) reported 7,542 (resale) home sales in August 2011. This number is up by 24% compared with August 2010. There were 12,509 new listings in the GTA – a 20% increase over the same period last year. While average home prices were slightly down compared to last month – this is a normal seasonal trend. The more relevant indicator would be to compare average sales prices between August 2010 and August 2011 – which is up 10.3% which the average price being $451,663.
The graph below shows the average sales prices by month for 2010 in comparison with 2011. It is clear that the average home in Toronto has increased since the same period last year:
The other major market indicator is supply (active listings) and demand (sales) levels. Supply is down 11%, while demand is up almost 24% August 2011 versus August 2010. As with previous months, this tight supply and increased demand means more buyers are vying for fewer properties. That being said, supply was only down 11% in August compared with 19% in July. The gap seems to be closing, but the fall market may send a different message.
The chart below shows the average prices for various types of homes in Toronto in August, and Year-to-date.
|Overall Toronto Average Prices by Type|
This concludes the overall Toronto update, the next section will dig deeper into the statistics for Leslieville/Riverdale and the Beaches.
E1 & E2 District Market Update
The E1 (Leslieville/Riverdale) & E2 (Beaches) districts continue to be well above the averages for the City. The table below displays the average prices for the both districts. In the first column, you will see the August 2011 average followed by the Year-to-date average:
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The next table below displays the average prices for the various types of houses. In the first column, you will E1 (Leslieville/Beaches), followed by E2 (Beaches) in the next column:
|E1 & E2 Average Prices by Type – August 2011|
That concludes this month’s update. If you would like more detailed information about the above information, or would like some stats in another area of interest – please let me know. I would be happy to help!