July 2014 Resale Home Sales

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.

 

    2014     2013  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 3,315 $576,552 5,787 3029 $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
             
             
Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1045 7.8%   $880,433 11.0%  
Rest of GTA ("905") 3393 11.1%   $638,864 7.3%  
GTA 4438 10.3%   $695,745 8.2%  
             
Semi-Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 333 0.0%   $635,311 8.3%  
Rest of GTA ("905") 607 0.3%   $452,536 8.3%  
GTA 940 0.2%   $517,285 8.2%  
             
Townhouse 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 378 8.3%   $493,989 9.2%  
Rest of GTA ("905") 607 11.0%   $402,472 6.2%  
GTA 940 10.3%   $425,596 7.0%  
             
Condo Apartment 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1527 13.4%   $379,002 4.7%  
Rest of GTA ("905") 605 14.6%   $302,685 7.3%  
GTA 2132 13.8%   $357,345 5.3%  
             
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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