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Greater Toronto REALTORS(R) Report Monthly Resale Housing Figures

TORONTO, ONTARIO -- (Marketwired) -- 09/04/14 -- Toronto Real Estate Board President Paul Etherington reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 per cent compared to 7,391 transactions reported in August 2013. Year-to-date sales through the end of August amounted to 65,454, which represented an increase of 6.5 per cent compared to the same period in 2013.

"The last full month of summer ended on a high note. As we look toward the fall market, I expect that demand for ownership housing will remain strong. Home buyers will continue to benefit from a diversity of affordable home ownership opportunities throughout the GTA. The fact that sales were up for all major home types in August suggests that first-time buyers and existing home owners remain very active in today's marketplace," said Mr. Etherington.

The average selling price in August 2014 was $546,303 - up 8.9 per cent in comparison to the average of $501,677 reported in August 2013. The year-to-date average price through August was $562,504, which represented an increase of 8.5 per cent in comparison to the same period in 2013.

"The number of listings in August was down in comparison to last year, while the number of sales increased. This means that sellers' market conditions remained in place with a lot of competition between buyers. This is why we continued to see strong price growth last month. Looking forward, if sales growth continues to outstrip listings growth, the average selling price should continue to increase on a year-over-year basis," said Jason Mercer, TREB's Director of Market Analysis.

      Summary of TorontoMLS Sales and Average Price August 1-31, 2014
                                 2014                       2013
                                Average      New           Average      New
                         Sales    Price Listings    Sales    Price Listings
City of Toronto
 ("416")                 2,760  564,359    4,274    2,609  516,334    4,438
Rest of GTA ("905")      4,840  536,007    7,459    4,782  493,681    7,665
GTA                      7,600  546,303   11,733    7,391  501,677   12,103

      TorontoMLS Sales & Average Price By Home Type August 1-31, 2014
                                 Sales                  Average Price
                           416      905    Total      416      905    Total

Detached                   828    2,723    3,551  902,428  644,120  704,350
Yr./Yr. % Change           1.7%     0.4%     0.7%    14.7%     9.3%    10.9%
Semi-Detached              246      539      785  627,725  445,577  502,658
Yr./Yr. % Change           7.4%     2.5%     4.0%     8.8%     8.9%     9.3%
Townhouse                  312      930    1,242  463,798  406,748  421,080
Yr./Yr. % Change          11.8%     1.3%     3.8%    11.7%     8.5%     9.6%
Condo Apartment          1,344      527    1,871  370,899  307,148  352,942
Yr./Yr. % Change           6.3%     6.9%     6.5%     4.1%     5.4%     4.4%

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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