TORONTO,
July 4, 2014 – Stepping into his role as President of the Toronto Real Estate
Board, Paul
Etherington
announced a strong increase in residential sales reported through the TorontoMLS
system in June. Sales were up by 15.4 per cent year-over-year to 10,180
transactions. New listings were also up
compared to
the same period in 2013, but by a lesser annual rate. This means that
competition between
buyers
increased in June.
“Home buyers
in the Greater Toronto Area are confident in their ability to purchase and
affordably pay for a home. Generally speaking, buyers feel that ownership
housing will be a good investment over the long term. This is why we continued
to see increases in home sales in June for all major home types across the GTA.
Given the degree of pent-up demand in the market today, I would expect to see
sales growth continue through the summer,” said Mr. Etherington.
The average
selling price for June transactions was $568,953, representing an increase of
7.4 per cent
compared to
June 2013. The strongest price increase for the GTA as a whole was for
semi-detached
houses, with
the average price up by 9.7 per cent year-over-year. The pace of price growth
for
condominium
apartments was also strong at 6.8 per cent.
“With less
than two months of inventory in many parts of the GTA, it makes sense that we
continued to
experience
very strong price growth in June. This is especially the case for low-rise home
types like
singles,
semis and townhouses. Strong price growth for these home types will continue
through the
remainder of
2014. Despite higher inventory levels, the condominium apartment market segment
has
benefitted
from enough buyer interest to result in above-inflation price growth,” said
Jason Mercer,
TREB’s
Senior Manager of Market Analysis.
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