This has been one seriously hot summer! One of the hottest in years! Of course we’re not talking about the weather, we’re talking about the resale market. Toronto Real Estate Board (TREB) President, Paul Etherington released the latest report showing that July 2014 sales and average selling prices are up 10 percent from last year.
Exceeding 9,100 sales in the one month, this marks the second highest July on record. On average, selling prices were about $550,700, which was a 7.5 percent increase since last year. The largest leap in the resale market price rates were discovered in the detached market segment in the City of Toronto, with a year-over-year increase of 11 percent.
“The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable homeownership 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 Etherington.
The condominium market apartment segment saw a slightly lower increase growth rate of 5.3 percent for the GTA, likely resulting from higher saturation levels than the detached market.
Expected to continue on with these high levels of sales and prices, the market shows no signs of slowing down, indicating that this fall might be the ideal time to list your home and look for a new one! “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.