Mid July 2014 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced that TorontoMLS home sales through the first 14 days of July 2014 were up by 11.6 per cent year-over-year to 3,891. New listings were also up compared to the same period in 2013, but by a lesser annual rate of 9.7 per cent.

“There are two key takeaways from the July mid-month results. First, given the continuation of strong sales growth, it is clear that buyers are still attracted to affordable home ownership options in the GTA. Second, if new listings growth begins to outpace sales growth, we could start to see an improvement in the overall supply of homes for sale. This would be a relief for some buyers who have been hard pressed to find a home that meets their needs in this tight market,” said Mr. Etherington.

The average selling price for sales reported during the first two weeks of July 2014 was $549,174. This result was up by eight per cent compared to the same period in 2013. The strongest rates of price growth were reported for semi-detached houses and townhouses in the City of Toronto.

“Annual average price growth remains in the high single-digits or low double-digits for many home types across the GTA. It is possible that we could see more choice for buyers in the second half of 2014 in the form of increased new listings. A sustained increase in choice for buyers could serve to gradually ease the pace of price growth in some market segments,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

 

  2014           2013    
  Sales VYA New Listings Average Price VYA   Sales Average Price New Listings
City of Toronto ("416") 1,403 11.0% 2,822 $585,999 11.2%   1264 $526,931 2,579
Rest of GTA ("905") 2,488 12.0% 4,490 $528,408 6.0%   2222 $498,358 4,088
GTA 3,891 11.6% 7,312 $549,174 8.0%   3,486 $508,718 6,667
                   
                   
Detached 2014 Sales VYA   Average Price VYA        
City of Toronto ("416") 448 18.5%   $865,635 8.8%        
Rest of GTA ("905") 1428 12.4%   $630,595 6.0%        
GTA 1876 13.8%   $686,724 7.2%        
                   
Semi-Detached 2014 Sales VYA   Average Price VYA        
City of Toronto ("416") 139 -6.7%   $678,749 14.5%        
Rest of GTA ("905") 259 4.0%   $444,269 5.9%        
GTA 398 0.0%   $526,160 8.6%        
                   
Townhouse 2014 Sales VYA   Average Price VYA        
City of Toronto ("416") 154 8.5%   $498,907 12.3%        
Rest of GTA ("905") 475 14.5%   $401,161 7.3%        
GTA 629 12.9%   $425,093 8.5%        
                   
Condo Apartment 2014 Sales VYA   Average Price VYA        
City of Toronto ("416") 649 10.9%   $396,078 10.7%        
Rest of GTA ("905") 267 20.3%   $303,497 5.6%        
GTA 916 13.5%   $369,497 9.1%        
                   

 

Source: TREB

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Donald Lum

Donald Lum

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