There was strong year-over-year growth for Toronto housing sales in July.
Sales reported through the TorontoMLS system were up by 10% to 9,198 – the second-best July sales result on record.
“Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth," says Toronto Real Estate Board president Paul Etherington. "The result was average price growth well-above the rate of inflation."
The average selling price for July 2014 sales was $550,700 – up by 7.5% compared to July 2013.
The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of 11%. The better-supplied condominium segment experienced average price growth of 5.3% for the GTA as a whole.