Home sales, average prices soar in August

The Toronto area’s real estate industry has said that it set a new August record for home sales and a 17.2 per cent increase in the average sale price. As per reports, the Toronto Real Estate Board  had 9,813 sales last month.That was 23.5 per cent more than in August 2015 – although last month’s volume was assisted by two additional working days. Last month’s sales volume in the Greater Toronto Area was up about 13 per cent from August 2015. The average price for homes sold, regardless of type of property, was $710,400 – with the average price for detached homes in the city of Toronto itself going up 18.3 per cent to $1.2 million.