August mid month numbers strong

18 August 2014
Armand Gilks

TORONTO, August 18, 2014 – Toronto Real Estate Board President Paul Etherington announced midmonth
figures for August 2014 that point to continued strength in the GTA housing market. There were
3,504 sales reported through the TorontoMLS system during the first 14 days of August. This result was
up by 7.6 per cent compared to the same period in August 2013.

“Sales were up strongly for all major home types across the GTA through the first two weeks of August.
This means that many different types of buyers were active in the marketplace, including first-time buyers
purchasing newly listed condominium apartments and existing homeowners changing their housing
situation to meet their current needs,” said Mr. Etherington.

Tight market conditions, especially for detached and semi-detached houses, drove strong price growth in
the first half of August. The overall average selling price was up by 9.4 per cent year-over-year to
$538,530. The strongest price growth was experienced in the detached market segment, with the
average detached price up by 12.3 per cent year-over-year.

“During the first 14 days of August, the number of home sales grew at a faster pace year-over-year
compared to the number of homes listed for sale. This means that competition between buyers increased
relative to the same period last year, which explains the continuation of very strong average price growth
in the GTA,” said Jason Mercer, TREB’s Director of Market Analysis.