Thursday, September 5, 2013

Toronto real estate prices jump with condos helping rise in sales

It’s been a surprisingly hot summer for real estate across the GTA, with sales up 21 per cent in August over a year earlier, according to figures released by the Toronto Real Estate Board Thursday.

Sales of detached homes were up 24.2 per cent in August, year over year, across the GTA, according to TREB. The average sale price hit $783,708 in the City of Toronto and $590,583 in the 905 regions.

Condo sales rebounded by 21.4 per cent in the City of Toronto and 16.9 per cent in the 905 regions. Prices were up 3.7 per cent overall, with the biggest increases in the 905 regions (up 7.1 per cent to an average of $293,825) compared to a 2.3 per cent increase in the City of Toronto where prices in August averaged $357,572.

Semi-detached sales were up 7.4 per cent in the city and 16.5 per cent in the suburbs, with sales prices averaging $576,022 (up 8.7 per cent) and $409,322 (up 5.1 per cent) respectively.

Townhouses saw sales climb by 17.6 per cent across the GTA, 12.6 per cent in the city and 19.2 per cent in the 905 regions. Prices were down just under one per cent in the City of Toronto, to an average of $416,463, while they were up 6.7 per cent in the 905 regions to an average of $374,494.

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