Toronto Real Estate Board

Toronto Real Estate Board

August 07, 2014 06:00 ET

Greater Toronto Realtors® Report July Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Aug. 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.

Summary of TorontoMLSSales and Average Price July 1-31
2014 2013
Average New Average New
Sales Price Listings Sales Price Listings
City of Toronto ("416") 3,315 $576,552 5,787 3,029 $535,153 5,321
Rest of GTA ("905") 5,883 $536,132 9,400 5,338 $499,310 8,719
GTA 9,198 $550,700 15,187 8,367 $512,286 14,040
TorontoMLS Sales & Average Price By Home Type July 1-31
Sales Average Price
416 905 Total 416 905 Total
Detached 1,045 3,393 4,438 880,433 638,864 695,745
Yr./Yr. % Change 7.8% 11.1% 10.3% 11.0% 7.3% 8.2%
Semi-Detached 333 607 940 635,311 452,536 517,285
Yr./Yr. % Change 0.0% 0.3% 0.2% 8.3% 8.3% 8.2%
Townhouse 378 1,118 1,496 493,989 402,472 425,596
Yr./Yr. % Change 8.3% 11.0% 10.3% 9.2% 6.2% 7.0%
Condo Apartment 1,527 605 2,132 379,002 302,685 357,345
Yr./Yr. % Change 13.4% 14.6% 13.8% 4.7% 7.3% 5.3%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of- the-art Multiple Listing Service. Over 39,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

Contact Information

  • Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com