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Toronto Real Estate Board (TREB) Market Watch Report July 2014

By
Real Estate Agent with Re/Max Real Estate Centre Inc., Brokerage

Toronto Real Estate Board (TREB) Market Watch Report July 2014

 

Sales and Average Price Up Year-Over-Year in July

August 7, 2014 -- Toronto Real Estate Board President Paul Etherington reported strong year-over-year growth for July 2014 sales and the average selling price. 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,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Weekly Sales Report - August 7, 2014

REGION
AREA SALES
AVERAGE PRICE
  Halton
  252
  $604,053
  Peel
  586
  $503,582
  Toronto
  696
  $555,778
  York
  447
  $692,905
  Durham
  195
  $375,282
  Dufferin
  25
  $349,472
  Simcoe
  64
  $395,477
  Total
  2,265
  $552,361

NOTE: Please note these are preliminary figures. Minor adjustments may be required at month's end.

 

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Posted by

Sara Kareer, CLHMS™, GUILD™ - RE/MAX Real Estate Centre Inc., Brokerage 

Sara Kareer, CLHMS, GUILD

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