August 2015: Prices Still Higher Than Last Year

Sunrise to the West by PressureNet
Sunrise to the West by PressureNet

Summer is slowly starting to fade out and will be soon replaced with falling leaves and chilly wind. August was a good month for sellers, since the real estate market was moving in the predicted direction of higher sales and prices combined with lowering stock. As we and many others have been saying, this trend is about to continue throughout the rest of the year. According to the records of Toronto Real Estate Board’s MLS® System, the number of sales in August 2015 has reached 7,998, which, compared to last year’s 7,568 is a 5.7 per cent increase.

JK info aug15

Same goes for the average prices in whole GTA. The number of sales in August 2014 was $546,482 and has risen by 10.3 per cent to this year’s $602,607. However, the number of active listings has dropped in comparison with last year: from 17,882 in 2014 to 15,997 this year.

Mark McLean, the President of Toronto Real Estate Board, has commented:

Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community."

As has been said before, the trend of high prices and low stock are about to continue throughout the rest of 2015, so if you want to sell, this might be a good time. Feel free to contact our team with any questions regarding both buying and selling real estate. We'll be more than happy to help!

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