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Greater Toronto Realtors(R) Report Resale Housing Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 07/04/14 -- Stepping into his role as President of the Toronto Real Estate Board, Paul Etherington announced a strong increase in residential sales reported through the TorontoMLS system in June. Sales were up by 15.4 per cent year-over-year to 10,180 transactions. New listings were also up compared to the same period in 2013, but by a lesser annual rate. This means that competition between buyers increased in June.

"Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home. Generally speaking, buyers feel that ownership housing will be a good investment over the long term. This is why we continued to see increases in home sales in June for all major home types across the GTA. Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer," said Mr. Etherington.

The average selling price for June transactions was $568,953, representing an increase of 7.4 per cent compared to June 2013. The strongest price increase for the GTA as a whole was for semi-detached houses, with the average price up by 9.7 per cent year-over-year. The pace of price growth for condominium apartments was also strong at 6.8 per cent.

"With less than two months of inventory in many parts of the GTA, it makes sense that we continued to experience very strong price growth in June. This is especially the case for low-rise home types like singles, semis and townhouses. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price - JUNE 2014                   
----------------------------------------------------------------------------
                             2014                          2013             
                ------------------------------------------------------------
                             Average       New             Average       New
                     Sales     Price  Listings     Sales     Price  Listings
City of Toronto                                                             
 ("416")             3,795   617,854     6,521     3,178   577,891     5,870
Rest of GTA                                                                 
 ("905")             6,385   539,888    10,214     5,643   502,426     9,588
GTA                 10,180   568,953    16,735     8,821   529,614    15,458
----------------------------------------------------------------------------
                                                                            
          TorontoMLS Sales & Average Price By Home Type - JUNE 2014         
                             Sales                     Average Price        
                       416       905     Total       416       905     Total
                ------------------------------------------------------------
                                                                            
Detached             1,312     3,736     5,048   921,127   641,972   714,526
 Yr./Yr. %                                                                  
  Change             19.3%     13.1%     14.6%      6.0%      7.6%      7.5%
Semi-Detached          450       688     1,138   672,725   448,531   537,184
 Yr./Yr. %                                                                  
  Change             22.0%     12.6%     16.1%      8.8%      8.8%      9.7%
Townhouse              423     1,183     1,606   485,273   402,261   424,125
 Yr./Yr. %                                                                  
  Change             14.6%     14.4%     14.5%     10.9%      7.0%      8.1%
Condo Apartment      1,578       636     2,214   390,569   309,719   367,343
 Yr./Yr. %                                                                  
  Change             21.4%     16.7%     20.0%      6.3%      7.5%      6.8%
----------------------------------------------------------------------------

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.

Contacts:
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
[email protected]

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