According to the Toronto Real Estate Board (TREB), there were 9,880 sales through the Multiple Listing Service (MLS) in July. Up by 8.0 per cent compared to July 2014.
July saw an average selling price of $609,236 - which is up by 10.6 per cent from the average selling price of $550,625 reported in July 2014.
"As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home," said Mark McLean, President of the Toronto Real Estate Board.
The median price in July 2015 was $520,000.
The median price in July 2014 was $473,950.
"With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015," said Jason Mercer, TREB's Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).