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

TORONTO, ONTARIO -- (Marketwired) -- 08/18/14 -- 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
                                 Average      New           Average      New
                          Sales    Price Listings    Sales    Price 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%

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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