Home prices continue to soar in Toronto

Sometimes in the news, there are stories that shock and surprise the nation. And then there's updates on the price of homes in Toronto.

New figures for August show that the price of homes and condos both rose again, year over year. 

The average resale home price increased by 4.7 per cent since last year, landing at $765,270. The price for condos specifically rose even more, 6.4 per cent, landing at an average of $541,106.

However, sales in August were a little flat month-over-month, as they had been increasing for a few months. 

The New Home Benchmark Price via @AltusData shows that the average new Low Rise home price has stabilized over the past couple of months while High Rise homes (condos) prices continue to escalate across the GTA #Toronto #ONpoli #TOpoli pic.twitter.com/q8Gf0c8T3K

— Mike CollinsWilliams (@mikejcw) September 6, 2018

A lack of available homes has the potential to create problems in the coming months, as the rate of transactions outpaces the stock, according to the Toronto Real Estate Board. 

So, if you're looking to buy a home in Toronto soon, you get the same advice as always: act fast, and good luck.