NEWS RELEASE



Greater Toronto REALTORS® Report Resale Housing Mid--Month Market Figures

TORONTO, August 18, 2014 -- Toronto Real Estate Board President Paul Etherington announced mid-month figures for August 2014 that point to continued strength in the GTA housing market.  There were 3,504 sales reported through the TorontoMLS system during the first 14 days of August.  This result was up by 7.6 per cent compared to the same period in August 2013.

“Sales were up strongly for all major home types across the GTA through the first two weeks of August.  This means that many different types of buyers were active in the marketplace, including first-time buyers purchasing newly listed condominium apartments and existing homeowners changing their housing situation to meet their current needs,” said Mr. Etherington.

 

Tight market conditions, especially for detached and semi-detached houses, drove strong price growth in the first half of August.  The overall average selling price was up by 9.4 per cent year-over-year to $538,530.  The strongest price growth was experienced in the detached market segment, with the average detached price up by 12.3 per cent year-over-year.

 

“During the first 14 days of August, the number of home sales grew at a faster pace year-over-year compared to the number of homes listed for sale.  This means that competition between buyers increased relative to the same period last year, which explains the continuation of very strong average price growth in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price August 1-14, 2014

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,285

539,829

2,175

1,138

506,558

2,134

Rest of GTA ("905")

2,219

537,778

3,766

2,117

484,412

3,603

GTA

3,504

538,530

5,941

3,255

492,155

5,737

 

TorontoMLS Sales & Average Price  By Home Type August 1-14, 2014

Sales

Average Price

416

905

Total

416

905

Total

Detached

373

1,249

1,622

$843,138

$647,387

$692,402

Yr./Yr. % Change

12.3%

4.8%

6.4%

10.6%

12.3%

12.3%

Semi-Detached

127

246

373

$617,364

$445,815

$504,224

Yr./Yr. % Change

30.9%

2.5%

10.7%

6.1%

9.0%

9.9%

Townhouse

132

424

556

$438,519

$403,626

$411,910

Yr./Yr. % Change

5.6%

-0.2%

1.1%

4.1%

7.8%

7.0%

Condo Apartment

640

241

881

$370,907

$305,943

$353,136

Yr./Yr. % Change

11.1%

15.9%

12.4%

1.3%

8.1%

2.6%