August 2014 Market Update

18 August 2014
Armand Gilks
Sales reported by TREB Members through the Toronto MLS system were up by 10 per cent to 9,198, the second-best July sales result on record.

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, with sales growth outpacing listings growth.  The result was average price growth well-above the rate of inflation.

The average selling price for July 2014 sales was $550,700, up by 7.5 per cent compared to 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 condominium apartment segment experienced average price growth of 5.3 per cent for the GTA as a whole.

Details by type of dwelling for the 416 and 905 area codes are shown below.

Sales & Average Price By Major Home Type

Area                   416         905         Total         416                         905                      Total

Det                     1,045     3,393     4,438          $880,433              $638,864              $695,745
Yr./Yr. % Ch        7.8%      11.1%    10.3%        11.0%                    7.3%                      8.2%

Semi-Det             333         607       940           $635,311              $452,536              $517,285
Yr./Yr. % Ch        0.0%      0.3%      0.2%           8.3%                      8.3%                     8.2%

Townhouse        378        1,118     1,496         $493,989              $402,472              $425,596
Yr./Yr. % Ch        8.3%      11.0%    10.3%         9.2%                      6.2%                     7.0%

Condo Apt          1,527     605         2,132         $379,002              $302,685              $357,345
Yr./Yr. % Ch        13.4%    14.6%    13.8%         4.7% 7.                  3%                         5.3%