TORONTO (Reuters) – Home prices in the Greater Toronto Area (GTA) increased, though marginally, for the first time in six months in August alongside higher month-on-month sales, data from the Toronto Regional Real Estate Board (TRREB) showed on Friday.
The average price of a home in the area rose to C$1.08 million ($820,981) in August, up 0.4% from July, and just under 1% from a year earlier, according to a TRREB statement. They were 19% below February’s peak.
On a seasonally adjusted basis, sales rose 11%, and the average price increased 2.1%, from the previous month.
However, the Home Price Index composite fell from July, indicating that the increase in the average price was driven by more sales of higher-priced homes, the group said.
($1 = 1.3155 Canadian dollars)
(Reporting By Nichola Saminather; Editing by Jacqueline Wong)
Source: One America News Network
