Toronto Mid June Sales Results-Diane Plant, Broker FHRE

TORONTO, June 17, 2014 – Toronto Real Estate Board President Dianne Usher announced that both

 ales and new listings were up substantially during the first 14 days of June 2014 compared to the same

 period in 2013.

“If the first two weeks of June are any indication, we may be seeing a turnaround in the supply of homes

 for sale in the Greater Toronto Area. New listings were up on a year-over-year basis for most major

 home types in the City of Toronto and surrounding regions. However, sales growth outpaced growth in

 new listings, which suggests that there is still a lot of pent-up demand yet to be satisfied, so sellers’

 market conditions will likely remain in place for the remainder of 2014,” said Ms. Usher.

 Sales reported through the TorontoMLS system during the first two weeks of June amounted to 4,938 –

 up by 11.3 per cent in comparison to 2013. New listings were up over the same period by 7.8 per cent to

 8,825.

 The average selling price for June mid-month transactions was $582,100, which represented an increase

 of 8.6 per cent compared to the average of $535,865 in 2013.

 “Average selling prices were up across the GTA for low-rise home types like singles, semis and

 townhouses as well as for condominium apartments. This is no surprise given that the number of

 transactions was up compared to 2013 by a greater rate than the number of new listings, which suggests

 that competition between buyers arguably increased,” said Jason Mercer, TREB’s Senior Manager of

 Market Analysis.