Toronto Real Estate June 17, 2014

TORONTO, June 17, 2014 — Toronto Real Estate Board President Dianne Usher announced both sales and new lists were up significantly during the first Fourteen days of June 2014 compared against the same period in 2013. New listings were up on a year-over-year basis for most major home types in the Town of Toronto and surrounding regions. However, sales expansion outpaced growth in new listings, which suggests that there’s still a large amount of pent-up demand yet to be satisfied, so sellers’ market conditions will possibly remain in position for the rest of 2014," said Ms. Usher.

Sales reported through the TorontoMLS system during the first 14 days of June amounted to 4,938 up by 11.3 % compared with 2013. New listings were up over the same period by 7.8 % to 8,825.

The average selling price for June mid-month transactions was $582,100, which represented an increase of 8.6 percent matched against the average of $535,865 in 2013.

"Average selling prices were up across the GTA for low-rise home types like singles, semis and townhouses and also for condo flats. This is not surprising given that the amount of transactions was up matched against 2013 by a greater rate than the number of new listings, which implies that competition between consumers arguably increased," said Jason Mercer, TREB’s Senior Manager of Market Research.