The continued strong price growth is the direct result of demand

Toronto, September 4, 2015 - The August, 2015 residential sales statistics were released today by the Toronto Real Estate Board reflecting a continuation of the long-standing trend, namely tight inventory and strong price growth. While the number of sales of Detached and Semi-Detached homes within Metropolitan Toronto fell compared to August last year, sales were robust enough in the balance of the GTA / Greater Toronto Area to result in overall rises for those two home types of 3.7% and 1.7% respectively. Sales of Condo Apartments were strong across the board.

As for selling prices, there were no weak spots. The strongest price growth came - as has been the trend for some time - primarily in the Detached home sector. Freehold Townhomes ["Row Houses"] weren't far behind in terms of price growth, though the number of sales was relatively flat. [All figures are year-over-year comparisons, unless otherwise noted.]

The continued strong price growth is - obviously - the direct result of demand, caused largely by low interest rates, and tight inventory. With relatively few for sale and the average price for a Detached home in "The 416" sitting above one million dollars, naturally the more attractive prices on the perimiter of the City are attracting more and more buyers.

Looking at the actual numbers, sales of Detached homes in Metro Toronto fell 8.5% to 756 units at an average price of $1,017,652, up 12.9%. In the balance of the GTA, sales in the Detached group rose 7.5% to 2,913 at an average price of $733,577, up 13.8%.

As for the "Semis", there were 231 sales in Toronto, off 5.7%, at an average price of $662,968, up 5.5%. In "The 905", there were 565
Semis sold, up 5%, at an average price of $492,428, up 10.5%.

Condo apartment sales were up 10.1% in Metro Toronto to 1,475 units at an average price of $406,587, up 9.5%. In the balance of the GTA, sales of Condo Apartments jumped 23.4% to 643 at an average price of $319,764, up 4.1%.

Overall, including the entire Toronto Real Estate Board market area and all residential home types, the total number of sales was 7,998 in August compared to 7,568 last August - a rise of 5.7%. The average price overall was $602,607, up 10.3% from last year's $546,482. [Just for the record, 10 years ago - August, 2005 - there were 7,498 sales "overall" at an average price of $323,255 - and there were 22,374 Active Listings. [Please see the footnotes in the actual reports - linked below - re: Changes to TREB's Service Areas, etc.]]

As noted above, tight inventory conditions persisted: Total Active Listings as of the end of the month were down 10.5% compared to the same time last year [15,997 listings vs. 17,882].

Taking that Total Active Listings figure and dividing it by the Overall Monthly Sales figure gives us a "Forward Inventory" figure of 2 months.

Homes continue to sell quickly, relatively speaking: "14.8% faster" at 23 days this August compared to 27 days last August.

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