|By Marketwired .||
|August 7, 2014 06:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/07/14 -- 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 TorontoMLSSales and Average Price July 1-31 ---------------------------------------------------------------------------- 2014 2013 ----------------------------------------------------- Average New Average New Sales Price Listings Sales Price 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% --------------------------------------------------------------------------
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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