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Greater Toronto REALTORS(R) Report Mid Month Resale Housing Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 06/17/14 -- Toronto Real Estate Board President Dianne Usher announced that both sales and new listings were up substantially during the first 14 days of June 2014 compared to the same period in 2013.

"If the first two weeks of June are any indication, we may be seeing a turnaround in the supply of homes for sale in the Greater Toronto Area. New listings were up on a year-over-year basis for most major home types in the City of Toronto and surrounding regions. However, sales growth outpaced growth in new listings, which suggests that there is still a lot of pent-up demand yet to be satisfied, so sellers' market conditions will likely remain in place for the remainder of 2014," said Ms. Usher.

Sales reported through the TorontoMLS system during the first two weeks of June amounted to 4,938 - up by 11.3 per cent in comparison to 2013. New listings were up over the same period by 7.8 per cent to 8,825.

The average selling price for June mid-month transactions was $582,100, which represented an increase of 8.6 per cent compared to the average of $535,865 in 2013.

"Average selling prices were up across the GTA for low-rise home types like singles, semis and townhouses as well as for condominium apartments. This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the number of new listings, which suggests that competition between buyers arguably increased," said Jason Mercer, TREB's Senior Manager of Market Analysis.

          Summary of TorontoMLS Sales and Average Price June 1 - 14
                                    2014                      2013
                                   Average      New         Average      New
                           Sales     Price Listings Sales     Price Listings
City of Toronto ("416")    1,835 $ 644,115    3,492 1,574 $ 589,450    3,116
Rest of GTA ("905")        3,103 $ 545,427    5,333 2,863 $ 506,405    5,071
GTA                        4,938 $ 582,100    8,825 4,437 $ 535,865    8,187
      TorontoMLS Sales & Average Price By Home Type June 1 - 14, 2014
                                Sales                 Average Price
                          416     905   Total       416       905     Total

Detached                  679   1,828   2,507   941,813   652,146   730,600
  Yr./Yr. % Change       23.7%    9.2%   12.8%      7.5%      7.9%      8.8%
Semi-Detached             209     344     553   702,782   452,261   546,943
  Yr./Yr. % Change       12.4%   13.2%   12.9%     10.3%      9.8%     10.0%
Townhouse                 219     549     768   485,394   394,993   420,771
  Yr./Yr. % Change       23.7%    3.2%    8.3%      7.2%      4.8%      6.3%
Condo Apartment           714     302   1,016   397,942   300,870   369,088
  Yr./Yr. % Change       10.9%    7.5%    9.8%      5.7%      5.6%      5.9%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 39,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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