|By Marketwired .||
|August 18, 2014 09:30 AM EDT||
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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