The Greater Toronto Area saw 9,813 homes change hands in August.
That represents a 23.5% increase year-over-year. The Toronto Real Estate Board attributes that uptick to the fact that there were two more working days this August than last.
With the extra days factored in, the sales spike was closer to 12%, according to the board.
“The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs,” Toronto Real Estate Board President Larry Cerqua said. “Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area.”
Meanwhile, the population of Toronto continues to grow.
“The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales,” said Jason Mercer, TREB’s Director of Market Analysis. “Against this backdrop, TREB will also be releasing new third-party research, and consumer and REALTOR® survey results throughout the fall and winter, with discussions focusing on foreign buying activity and issues affecting the supply of ownership housing.”