July 2015 Resale Home Sales

Toronto Real Estate Board President Mark McLean announced record home sales for the month of July. Greater Toronto Area REALTORS® reported 9,880 sales through TREB's MLS® System, representing an eight per cent increase compared to July 2014. The number of transactions were up for all major home types, including a double-digit year-over-year increase in condominium apartment sales.

"As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home," said Mr. McLean.

The MLS® Home Price Index (HPI) Composite Benchmark, which accounts for benchmark home prices in communities throughout the TREB market area, was up by 9.4 per cent year-over-year in July 2015. Over the same period, the average selling price was up by a slightly greater amount, growing by 10.6 per cent annually to $609,236.

Detached homes continued to lead the way in terms of price increases, with annual growth in the average selling price outstripping growth in the MLS® HPI detached benchmark. This suggests that there continued to be a greater share of high-end homes sold this year compared to last.

"With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015," said Jason Mercer, TREB's Director of Market Analysis.

Source: TREB

July 2015 2014
  Sales Average Price New Listings Sales Average Price New Listings
             
Sales City of Toronto ("416") 3,480 $618,202 5,681 3300 $576,469 5,756
Rest of GTA ("905") 6,400 $604,361 9,018 5,852 $536,052 9,325
GTA 9,880 $609,236 14,699 9,152 $550,625 15,081
             
Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1031 -0.7%   $996,770 13.3%  
Rest of GTA ("905") 3696 9.5%   $729,261 14.2%  
GTA 4727 7.1%   $787,607 13.2%  
             
Semi-Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 324 -2.4%   $716,160 12.7%  
Rest of GTA ("905") 668 10.6%   $499,821 10.4%  
GTA 992 6.0%   $570,480 10.2%  
             
Townhouse 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 369 -1.9%   $536,212 8.3%  
Rest of GTA ("905") 1171 5.2%   $448,785 11.5%  
GTA 1,540 3.4%   $469,733 10.3%  
             
Condo Apartment 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1730 13.7%   $394,504 4.0%  
Rest of GTA ("905") 699 16.3%   $317,564 5.0%  
GTA 2429 14.4%   $372,363 4.1%  
             
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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