Mid Month July 2015 Resale Home Sales

Toronto Real Estate Board President Mark McLean announced that 4,332 sales were reported through TREB’s MLS® system by Greater Toronto Area REALTORS® during the first 14 days of July, 2015. This sales figure was up by 11.9 per cent compared to 3,871 transactions reported during the same timeframe in 2014. Over the same period, new listings were down by 5.4 per cent to 6,831.

“There are many reasons why demand for ownership housing remains strong in the GTA. The fact that we benefit from steady population growth and a strong regional economy, compared to many other parts of Canada, is clearly important. On top of this, of course, home buyers continue to benefit from historic or near-historic lows in terms of borrowing costs, which is key from an affordability perspective,” said Mr. McLean.

The average selling price for July 2015 mid-month transactions was $610,724 – up by 11.5 per cent compared to the average price of $547,777 for sales reported in the first 14 days July 2014. Year-over-year price growth was reported for all major market segments.

“The persistent lack of listings in many segments of the GTA housing market has been a key story this year. We have seen strong demand from all buyer groups – from first- time buyers through to those seeking to purchase a luxury home. The problem is that many of these would-be home buyers have not been able to strike a deal on a home that meets their needs. The lack of supply has led to increased competition between buyers and strong upward pressure on home prices,” said Jason Mercer, TREB’s Director of Market Analysis. 

 

July 1st - 14th 2015 2014
  Sales VYA New Listings Average Price VYA Sales Average Price New Listings
City of Toronto ("416") 1,530 9.5% 2,740 $616,288 5.6% 1397 $583,632 2,792
Rest of GTA ("905") 2,802 13.3% 4,091 $607,685 15.2% 2474 $527,532 4,428
GTA 4,332 11.9% 6,831 $610,724 11.5% 3,871 $547,777 7,220
                 
                 
Detached 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 451 1.1%   $999,518 15.7%      
Rest of GTA ("905") 1630 14.8%   $731,917 16.4%      
GTA 2081 11.5%   $789,912 15.3%      
                 
Semi-Detached 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 141 1.4%   $679,339 0.1%      
Rest of GTA ("905") 296 14.3%   $505,347 13.8%      
GTA 437 9.8%   $561,487 6.7%      
                 
Townhouse 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 158 3.3%   $550,959 10.2%      
Rest of GTA ("905") 516 9.6%   $450,122 12.3%      
GTA 674 8.0%   $473,761 11.4%      
                 
Condo Apartment 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 768 18.9%   $396,207 1.1%      
Rest of GTA ("905") 297 12.1%   $309,100 1.6%      
GTA 1065 16.9%   $371,915 1.5%      
                 

Source: TREB

 

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Donald Lum

Donald Lum

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