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.
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