TORONTO, August 7, 2014 - Toronto Real Estate Board
Sales and average price up year-over-year growth for July 2014. Sales reported
by TREB Members through the TorontoMLS system were up by 10 per cent to 9,198. This was
the second-best July sales result on record.
“The second half of 2014 started where the first half left off, with very strong demand for the
diversity of affordable home ownership options in the Greater Toronto Area. Sales were up
strongly for most major home types and market conditions actually tightened, with sales growth
outpacing listings growth. The result was average price growth well-above the rate of inflation,”
said Mr. Etherington.
The average selling price for July 2014 sales was $550,700 – up by 7.5 per cent 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 per cent. The better-supplied
condominium apartment segment experienced average price growth of 5.3 per cent for the GTA
as a whole.
“Strong demand for ownership housing will underpin robust average price increases for the
remainder of 2014. In fact, the pace of price growth that we have experienced over the past
year will continue until growth in listings outpaces growth in sales for a sustained period of time.