TORONTO, 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 Ten percent to 9,198.
“The second half of 2014 started where the 1st half left off, with extraordinarily robust requirement for the diversity of reasonable home possession options in the Greater Toronto Area. Sales were up strongly for most major home types and market conditions actually tightened, with sales expansion outpacing listings growth.
The average selling price for July 2014 sales was $550,700 up by 7.5 per cent compared against 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 condo apartment segment experienced average price growth of 5.3 per cent for the GTA in total.
“Strong demand for possession housing will underpin robust average cost increases for the remainder of 2014. In reality the pace of price expansion that we have experienced over the last year will continue till growth in listings outpaces growth in sales for an extensive period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.