TREB reported that the Toronto Real Estate Market during the month of July 2014 was the second highest amount of Sales in Sales Reprting History at an increase 10% year over year: 9,198 transactions.
Due to the amount of sales increasing by more than the amount of new listings, the market tightened and the average price growth increased more than the rate of Infation. The average Sales Price was $550,700 up 7.5% when compared to July of 2013.
As you may imagine the rate of growth for detached homes outpaced the rate of growth for the better supplied condominium market at 11% year over year and 5.3% respectively, in the GTA as a whole.
With these stats we are lead to believe that strong price growth will continue until the end of 2014 and into 2015 as the rate of sales increases by more than the rate of new home listings.