While the Toronto real estate market cooled with the spring and summer heat — as it typically does — demand for housing in the Greater Toronto Area (GTA) remained strong for August. 

The Toronto Regional Real Estate Board (TRREB) reported the third-best sales result on record for August. 

Those wishful thinkers looking to enter the market who hoped prices may cool are faced with the grim reality that the average selling price for all homes combined was up by 12.6% year-over-year to $1,070,911. 

Demand for homes remains strong, while supply remains tight. “The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices,” said TRREB in a press release. 

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