NEWS RELEASE



GTA REALTORS® report JULY RESALE HOUSING MARKET FIGURES

TORONTO, August 7, 2014 -- Toronto Real Estate Board President Paul Etherington reported strong year-over-year growth for July 2014 sales and the average selling price.  Sales reported by TREB Members through the TorontoMLS system were up by 10 per cent to 9,198.  This was the second-best July sales result on record.

“The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable home ownership options in the Greater Toronto Area.  Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth.  The result was average price growth well-above the rate of inflation,” said Mr. Etherington.

The average selling price for July 2014 sales was $550,700 – up by 7.5 per cent compared to July 2013.  The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of 11 per cent.  The better-supplied condominium apartment segment experienced average price growth of 5.3 per cent for the GTA as a whole.

“Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014.  In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price July 1-31

 

2014

2013

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

 

City of Toronto ("416")

3,315

$576,552

5,787

3,029

$535,153

5,321

 

Rest of GTA ("905")

5,883

$536,132

9,400

5,338

$499,310

8,719

 

GTA

9,198

$550,700

15,187

8,367

$512,286

14,040

 

TorontoMLS Sales & Average Price  By Home Type July 1-31

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,045

3,393

4,438

880,433

638,864

695,745

Yr./Yr. % Change

7.8%

11.1%

10.3%

11.0%

7.3%

8.2%

Semi-Detached

333

607

940

635,311

452,536

517,285

Yr./Yr. % Change

0.0%

0.3%

0.2%

8.3%

8.3%

8.2%

Townhouse

378

1,118

1,496

493,989

402,472

425,596

Yr./Yr. % Change

8.3%

11.0%

10.3%

9.2%

6.2%

7.0%

Condo Apartment

1,527

605

2,132

379,002

302,685

357,345

Yr./Yr. % Change

13.4%

14.6%

13.8%

4.7%

7.3%

5.3%