TORONTO, ONTARIO, September 7, 2016 – Toronto Real Estate Board  The MLS® Home Price Index (HPI) Composite Benchmark for August 2016 was up by 17.2 per cent on a year-over-year basis. Similarly, the average selling price for all home types combined was up by 17.7 per cent on an annual basis to $710,410. Detached 416 average selling price was $1,250,000 and 905 was $905,000.  Both the MLS® HPI benchmarks and average prices for low-rise home types were up by double digits percentage-wise. “Population in the GTA continues to grow. The resulting growth in households coupled with favourable economic conditions and low borrowing costs means that we remain on track for another record year for home sales. said Jason Mercer, TREB’s Director of Market Analysis source Toronto Real Estate Board