According to the Toronto Real Estate Board (TREB), there were 9,198 sales through the Multiple Listing Service (MLS) in July. Up by 9.9 per cent compared to July 2013.
July saw an average selling price of $550,700 - which is up by 7.5 per cent from the average selling price of $512,286 reported in July 2013.
“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. Paul Etherington, President, Toronto Real Estate Board.
The median price in July 2014 was $473,950.
The median price in July 2013 was $440,000.
“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.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).