Tuesday, August 6, 2013
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES
residential sales through the TorontoMLS system in July
2013. Total sales were up by
16 per cent compared to July 2012. Over the same period, new
listings added to
TorontoMLS and active listings at the end of the month were
up, but by a substantially
smaller rate of increase compared to sales.
“Last month’s sales represented the best July result since
2009 and was the third best
July result on record. Despite recent increases in average
borrowing costs, home
buyers are still finding affordable home ownership options
in the GTA,” said Toronto
Real Estate Board President Dianne Usher.
“We are a year removed from the onset of stricter mortgage
lending guidelines and
many households who put their decision to purchase a home on
hold have reactivated
their search. An increasing number of these households are
getting deals done,”
continued Ms. Usher.
Reflecting tighter market conditions, the average selling
price for July sales was up on a
year-over-year basis by eight per cent to $513,246. The
low-rise market segment
continued to be the driver of overall price growth. It
should be noted, however, that the
average condominium apartment price was also up by more than
the rate of inflation on
an annual basis. The MLS® Home Price Index (HPI) was also up
on a year-over-year
basis for all major home types.
“We are forecasting continued average price growth for the
remainder of 2013 and
through 2014 as well. Months of inventory for low-rise homes
remains near record
lows, suggesting that sellers’ market conditions will remain
in place in the second half of
2013. An increase in listings in 2014 would lead to more
balanced market conditions
and a slower pace of price growth next year, albeit still
above the rate of inflation,” said
Jason Mercer, TREB’s Senior Manager of Market Analysis.
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