Mid Month August 2015 Resale Home Sales

Greater Toronto Area REALTORS® reported 3,729 home sales through the TREB MLS® System during the first 14 days of August. This result represented an eight per cent increase compared to 3,453 sales reported for the same period in 2014. For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. Detached and semi-detached home sales were down in the City of Toronto.

While the demand for ownership housing remained strong in the first half of August, the supply of listings continued to be an issue for many would-be home buyers. The number of new listings entered into TREB's MLS® System was up, but by a lesser annual rate compared to sales. This suggests that market conditions were tighter compared to 2014, with more competition between buyers.

With sellers’ market conditions prevalent throughout much of the Greater Toronto Area, August mid-month average selling prices were up for all major home types compared to 2014. The average selling price for all home types combined was up by 11.7 per cent year-over-year to $601,996.

It is important to note that average price growth can be driven by different factors. Over the past year, tight market conditions, with strong demand and constrained supply, have certainly underpinned much of the price growth we have experienced. However, in some market segments, including detached homes in the City of Toronto, average price growth has also been influenced by a greater share of high-end home sales this year compared to last.

At month-end, a comparison of growth in the MLS® Home Price Index (HPI) versus growth in the average price will help to differentiate between price growth based purely on market conditions and growth resulting from changes in the types of homes sold. 

Source: TREB

 

August 1st - 14th 2015 2014
  Sales VYA New Listings Average Price VYA Sales Average Price New Listings
City of Toronto ("416") 1,309 3.2% 2,380 $605,947 12.2% 1268 $540,188 2,147
Rest of GTA ("905") 2,420 10.8% 3,699 $599,859 11.4% 2185 $538,375 3,729
GTA 3,729 8.0% 6,079 $601,996 11.7% 3,453 $539,040 5,876
                 
                 
Detached 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 341 -7.3%   $1,028,607 21.5%      
Rest of GTA ("905") 1355 10.3%   $729,918 12.5%      
GTA 1696 6.2%   $789,973 13.8%      
                 
Semi-Detached 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 118 -2.5%   $680,642 8.9%      
Rest of GTA ("905") 263 9.1%   $502,265 12.9%      
GTA 381 5.2%   $557,511 10.4%      
                 
Townhouse 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 137 5.4%   $524,360 19.5%      
Rest of GTA ("905") 427 1.7%   $450,369 11.7%      
GTA 564 2.5%   $468,342 13.8%      
                 
Condo Apartment 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 695 9.1%   $406,741 9.9%      
Rest of GTA ("905") 310 30.8%   $328,759 7.3%      
GTA 1005 15.0%   $382,687 8.4%      

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Donald Lum

Donald Lum

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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