TREB (Toronto Real Estate Board) released a report showing the number of houses sold in the GTA (Greater Toronto Area) last month, and it was discovered that home sales have been dropping drastically, especially last month.
In August alone, the TREB recorded 9,813, which is a 25% increase compared to last year.
“The conditions underlying strong demand for … housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs,” Larry Cerqua, president of the Toronto Real Estate Board, said in a statement.
“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.”
It’s estimated that the average price of homes sold, regardless of the type was $710,410, which is a 17.7$ increase. On average, detached homes in the city of Toronto cost $1.2 million,