August home sales up 13.4% compared with year ago

The Toronto Real Estate Board says home sales in the Greater Toronto Area in August were up 13.4 per cent compared with a year ago.

The board says there were 7,711 home sales through its MLS system in August, up from 6,797 sales reported in August 2018.

On a month-over-month basis, seasonally adjusted sales were up 0.8 per cent.

The increase in sales came as the MLS home price index composite benchmark for August rose 4.9 per cent on a year-over-year basis.

The average selling price was $792,611 in August, up 3.6 per cent compared with a year ago.

The board noted that market conditions were tighter in August compared with a year ago as overall active listings at the end of the month were down by more than 11 per cent compared with August 2018.

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