Existing home sales in the Greater Toronto Area (GTA) rose 27% in August, helping boost sales in Ontario to 25.9% compared to the same period last year, according to the Canadian Real Estate Association (CREA).
CREA reported that 18,067 homes traded hands, with average prices up 7.5% to $313,512.
With low interest rates and affordability, it continues to attract homebuyers to the housing market. Consumer confidence is on the rise, which is promising for the months to come.
The seasonally adjusted sales were slightly higher from July by 0.5%, all thanks to the Strong Toronto market.
Nationally, Canadian existing home sales increased 18.5% in August compared to the same time period last year. Prices also rose 11.3% from a year ago to $324,779. This represents the highest average price seen in the August.
CREA notes that the high prices are from the result of demand in the more expensive housing markets pushing figures higher.
With fewer listings, and higher demand, is drawing the inventory down in the market. Listings were down by 13.3% in August 2009 than compared to August 2008.
Although, we saw the number of months of inventory were slightly higher in August to 5 months, from 4.4 months in July. This is well below the recessionary peak of 12.8 months in January of this year.
With home sales higher, and demand high, we might be seeing this upward trend continue on throughout September. Let us all hope for this month to be as good and even better than the last.
Nelson Goulart
Broke of Record with Signature Service GMAC Real Estate
www.ssgmac.ca
