The Toronto Real Estate Board (TREB) released their August 2014 mid-month resale housing report this week. The report shows a strong start to August with sales up by 7.6 per cent compared to the same time period last year. There was also a strong increase, 9,4 per cent, in average selling price with detached homes leading the pack at 12.3 per cent (based on a year-over-year basis). Check out the report below and if you have any further questions about Toronto real estate, please let me know – I’m happy to help.
TREB: August 2014 Mid-month housing report
TORONTO, August 18, 2014 — Toronto Real Estate Board President Paul Etherington announced mid-month 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.
| Summary of TorontoMLS Sales and Average Price August 1-14, 2014 | ||||||
| 2014 | 2013 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 1,285 | 539,829 | 2,175 | 1,138 | 506,558 | 2,134 |
| Rest of GTA (“905”) | 2,219 | 537,778 | 3,766 | 2,117 | 484,412 | 3,603 |
| GTA | 3,504 | 538,530 | 5,941 | 3,255 | 492,155 | 5,737 |
| TorontoMLS Sales & Average Price By Home Type August 1-14, 2014 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 373 | 1,249 | 1,622 | $843,138 | $647,387 | $692,402 |
| Yr./Yr. % Change | 12.3% | 4.8% | 6.4% | 10.6% | 12.3% | 12.3% |
| Semi-Detached | 127 | 246 | 373 | $617,364 | $445,815 | $504,224 |
| Yr./Yr. % Change | 30.9% | 2.5% | 10.7% | 6.1% | 9.0% | 9.9% |
| Townhouse | 132 | 424 | 556 | $438,519 | $403,626 | $411,910 |
| Yr./Yr. % Change | 5.6% | -0.2% | 1.1% | 4.1% | 7.8% | 7.0% |
| Condo Apartment | 640 | 241 | 881 | $370,907 | $305,943 | $353,136 |
| Yr./Yr. % Change | 11.1% | 15.9% | 12.4% | 1.3% | 8.1% | 2.6% |
Click here to see the full news release on the Toronto Real Estate Board’s website.