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Greater Toronto Realtors(R) Report July Resale Housing Market Figures

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%
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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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