Market Update

July 16, 2013 — Larger Toronto Area REALTORS reported 3,603 home sales through the TorontoMLS system in the first 14 days of July. This result represented a respectable increase of 2.2 % matched against the same period in 2012. Over the same timeframe, the number of new listings entered into TorontoMLS was down by two %.

"The 2nd half of 2013 began with tighter market conditions in the GTA housing market. With sales up and new lists down, it is sensible the yearly rate of price expansion speeded up. This was particularly the argument for single-detached and semi-detached homes in the Town of Toronto, which stayed in really short supply," said Toronto Real estate Board President Dianne Usher. The strongest year-over-year increases were experienced in the single-detached and semi-detached market segments in the City of Toronto with growth rates of 10.7 and 14.1 % respectively. The condominium apartment segment continued to experience moderate average cost expansion.

"Expect a faster speed of average price expansion in the 2nd half of 2013 compared to the first half a year of the year. An enhancement in conditions in the condominium house market will also have a positive impact," said Jason Mercer, TREB’s Senior Manager of Market Analysis.