Toronto and the GTA’s Resale Market is on Fire: Average selling price was up by 9.4 per cent

Greater Toronto REALTOR'S® Report Resale Housing Mid-Month Market Figures


Toronto Real Estate Board President Paul Etherington announced mid-month figures for August 2014 that point to continued strength in the GTA housing market. There were 3,504 sales reported through the TorontoMLSsystem during the first 14 days of August. This result was up by 7.6 per cent compared to the same period in August 2013.

“Sales were up strongly for all major home types across the GTA through the first two weeks of August. This means that many different types of buyers were active in the marketplace, including first-time buyers purchasing newly listed condominium apartments and existing homeowners changing their housing situation to meet their current needs,” said Mr. Etherington.

Tight market conditions, especially for detached and semi-detached houses, drove strong price growth in the first half of August. The overall average selling price was up by 9.4 per cent year-over-year to $538,530. The strongest price growth was experienced in the detached market segment, with the average detached price up by 12.3 per cent year-over-year.

“During the first 14 days of August, the number of home sales grew at a faster pace year-over-year compared to the number of homes listed for sale. This means that competition between buyers increased relative to the same period last year, which explains the continuation of very strong average price growth in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.



Summary of TorontoMLS Sales and Average Price August 1-14, 2014

2014
2013
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City of Toronto ("416")
1,285
539,829
2,175
1,138
506,558
2,134
Rest of GTA ("905")
2,219
537,778
3,766
2,117
484,412
3,603
GTA
3,504
538,530
5,941
3,255
492,155
5,737




TorontoMLS Sales & Average Price  By Home Type August 1-14, 2014

Sales
Average Price
416
905
Total
416
905
Total
Detached
373
1,249
1,622
$843,138
$647,387
$692,402
Yr./Yr. % Change
12.3%
4.8%
6.4%
10.6%
12.3%
12.3%
Semi-Detached
127
246
373
$617,364
$445,815
$504,224
Yr./Yr. % Change
30.9%
2.5%
10.7%
6.1%
9.0%
9.9%
Townhouse
132
424
556
$438,519
$403,626
$411,910
Yr./Yr. % Change
5.6%
-0.2%
1.1%
4.1%
7.8%
7.0%
Condo Apartment
640
241
881
$370,907
$305,943
$353,136
Yr./Yr. % Change
11.1%
15.9%
12.4%
1.3%
8.1%
2.6%



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