Mid August 2014 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced mid-month figures for August 2014 that point to continued strength in the GTA housing market. There were 3,504 sales reported through the TorontoMLS system during the first 14 days of August. This result was up by 7.6 per cent compared to the same period in August 2013.

“Sales were up strongly for all major home types across the GTA through the first two weeks of August. This means that many different types of buyers were active in the marketplace, including first-time buyers purchasing newly listed condominium apartments and existing homeowners changing their housing situation to meet their current needs,” said Mr. Etherington.

Tight market conditions, especially for detached and semi-detached houses, drove strong price growth in the first half of August. The overall average selling price was up by 9.4 per cent year-over-year to $538,530. The strongest price growth was experienced in the detached market segment, with the average detached price up by 12.3 per cent year-over-year.

“During the first 14 days of August, the number of home sales grew at a faster pace year-over-year compared to the number of homes listed for sale. This means that competition between buyers increased relative to the same period last year, which explains the continuation of very strong average price growth in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.

 

  2014        
  Sales VYA New Listings Average Price VYA
City of Toronto ("416") 1,285 12.9% 2,175 $539,829 6.6%
Rest of GTA ("905") 2,219 4.8% 3,766 $537,778 11.0%
GTA 3,504 7.6% 5,941 $538,530 9.4%
           
           
Detached 2014 Sales VYA   Average Price VYA
City of Toronto ("416") 373 12.3%   $843,138 10.6%
Rest of GTA ("905") 1249 4.8%   $647,387 12.3%
GTA 1622 6.4%   $692,402 12.3%
           
Semi-Detached 2014 Sales VYA   Average Price VYA
City of Toronto ("416") 127 30.9%   $617,364 6.1%
Rest of GTA ("905") 246 2.5%   $445,815 9.0%
GTA 373 10.7%   $504,224 9.9%
           
Townhouse 2014 Sales VYA   Average Price VYA
City of Toronto ("416") 132 5.6%   $438,519 4.1%
Rest of GTA ("905") 424 -0.2%   $403,626 7.8%
GTA 556 1.1%   $411,910 7.0%
           
Condo Apartment 2014 Sales VYA   Average Price VYA
City of Toronto ("416") 640 11.1%   $370,907 10.7%
Rest of GTA ("905") 241 15.9%   $305,943 5.6%
GTA 881 12.4%   $353,136 9.1%

Source: TREB

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Donald Lum

Donald Lum

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