Mid July 2013 Resale Home Sales

TORONTO, July 16, 2013 – Greater Toronto Area REALTORS® reported 3,603 residential sales through the TorontoMLS system during the first 14 days of July. This result represented a moderate increase of 2.2 per cent compared to the same period in 2012. Over the same time frame, the number of new listings entered into TorontoMLS was down by two per cent.


“The second half of 2013 began with tighter market conditions in the GTA housing market. With sales up and new listings down, it makes sense that the annual rate of price growth accelerated. This was especially the case for single-detached and semi-detached homes in the City of Toronto, which remained in very short supply,” said Toronto Real Estate Board President Dianne Usher.


The average selling price for the first 14 days of July was $510,819 – up by 8.1 per cent compared to $472,632 in the first half of July 2012. The strongest year-over-year increases were experienced in the single-detached and semi-detached market segments in the City of Toronto with growth rates of 10.7 and 14.1 per cent respectively. The condominium apartment segment continued to experience moderate average price growth.


“Expect a faster pace of average price growth in the second half of 2013 compared to the first six months of the year. The strong demand and shortage of listings for low-rise home types in some neighbourhoods will continue to be the driver of price growth. An improvement in conditions in the condominium apartment market will also have a positive impact,” 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") 1,289 $527,885 2,591 1255 $493,636 2,804
Rest of GTA ("905") 2,314 $501,312 4,124 2271 $461,025 4,050
GTA 3,603 $510,819 6,715 3,526 $472,632 6,854
             
             
Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 390 -2.5%   $796,182 10.7%  
Rest of GTA ("905") 1328 6.9%   $599,483 8.7%  
GTA 1718 4.6%   $644,135 8.8%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 152 20.6%   $591,071 14.1%  
Rest of GTA ("905") 260 1.6%   $417,856 7.9%  
GTA 412 7.9%   $481,761 11.9%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 142 0.0%   $444,272 6.1%  
Rest of GTA ("905") 431 -9.5%   $374,131 3.8%  
GTA 573 -7.3%   $391,513 4.7%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 595 3.7%   $356,920 1.6%  
Rest of GTA ("905") 228 -1.3%   $285,058 3.0%  
GTA 823 2.2%   $337,012 2.2%  

Source: TREB

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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