June 2014 Resale Home Sales

Stepping into his role as President of the Toronto Real Estate Board, Paul Etherington announced a strong increase in residential sales reported through the TorontoMLS system in June. Sales were up by 15.4 per cent year-over-year to 10,180 transactions. New listings were also up compared to the same period in 2013, but by a lesser annual rate. This means that competition between buyers increased in June.

“Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home. Generally speaking, buyers feel that ownership housing will be a good investment over the long term. This is why we continued to see increases in home sales in June for all major home types across the GTA. Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer,” said Mr. Etherington.

The average selling price for June transactions was $568,953, representing an increase of 7.4 per cent compared to June 2013. The strongest price increase for the GTA as a whole was for semi-detached houses, with the average price up by 9.7 per cent year-over-year. The pace of price growth for condominium apartments was also strong at 6.8 per cent.

“With less than two months of inventory in many parts of the GTA, it makes sense that we continued to experience very strong price growth in June. This is especially the case for low-rise home types like singles, semis and townhouses. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth,” 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") 3,795 $617,854 6,521 3178 $577,891 5,870
Rest of GTA ("905") 6,385 $539,888 10,214 5,643 $502,426 9,588
GTA 10,180 $568,953 16,735 8,821 $529,614 15,458
Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1312 19.3%   $921,127 6.0%  
Rest of GTA ("905") 3736 13.1%   $641,972 7.6%  
GTA 5048 14.6%   $714,526 7.5%  
Semi-Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 450 22.0%   $672,725 8.8%  
Rest of GTA ("905") 688 12.6%   $448,531 8.8%  
GTA 1,138 16.1%   $537,184 9.7%  
Townhouse 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 423 14.6%   $485,273 10.9%  
Rest of GTA ("905") 1183 14.4%   $402,261 7.0%  
GTA 1606 14.5%   $424,125 8.1%  
Condo Apartment 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1578 21.4%   $390,569 6.3%  
Rest of GTA ("905") 636 16.7%   $309,719 7.5%  
GTA 2214 20.0%   $367,343 6.8%  
Source: Market Watch Monthly News Release        



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Donald Lum

Donald Lum

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