July 2013 Resale Home Sales

Greater Toronto Area REALTORS® reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.

“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.

Reflecting tighter market conditions, the average selling price for July sales was up on a year over-year basis by eight per cent to $513,246. The low-rise market segment continued to be the driver of overall price growth. It should be noted, however, that the average condominium apartment price was also up by more than the rate of inflation on an annual basis. The MLS® Home Price Index (HPI) was also up on a year-over-year basis for all major home types.

“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 3,062 $536,181 5,350 2644 $496,810 5,512
Rest of GTA ("905") 5,482 $500,436 8,782 4694 $463,532 8,297
GTA 8,544 $513,246 14,132 7,338 $475,523 13,809
             
             
Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 986 20.7%   $739,842 6.5%  
Rest of GTA ("905") 3143 19.6%   $597,404 8.0%  
GTA 4129 19.8%   $644,313 7.6%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 340 28.8%   $584,499 11.1%  
Rest of GTA ("905") 617 25.2%   $416,420 6.5%  
GTA 957 26.4%   $476,134 8.7%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 351 12.5%   $452,167 8.8%  
Rest of GTA ("905") 1033 7.9%   $379,463 6.2%  
GTA 1384 9.1%   $397,901 7.1%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1353 10.6%   $361,969 4.1%  
Rest of GTA ("905") 541 10.2%   $281,044 1.0%  
GTA 1894 10.5%   $338,854 3.4%  
             
Source: Market Watch Monthly News Release        

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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