TORONTO, September 4, 2014 — Toronto Real-estate Board President Paul Etherington reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 % compared with 7,391 transactions reported in Aug 2013. Year-to-date sales through the end of Aug amounted to 65,454, which represented an increase of 6.5 percent compared to the same period in 2013.
“The last full month of summer ended on a high note. As we look toward the fall market, I predict that demand for possession housing will remain strong. Home buyers may continue to benefit from a variety of cheap home possession opportunities across the GTA. The incontrovertible fact that sales were up for all of the main home types in Aug means that first-time buyers and existing householders remain awfully active in the current day’s marketplace,” said Mr. Etherington.
The average selling price in Aug 2014 was $546,303 up 8.9 per cent in comparison to the average of $501,677 reported in August 2013. The YTD average price through Aug was $562,504, which represented an increase of 8.5 % in contrast to the same period in 2013. This implies that sellers’ market conditions remained in place with a large amount of competition between customers.
“The number of lists in Aug was down contrasted to last year, while the quantity of sales increased. This is why we continued to see powerful price expansion last month. Looking forward, if sales expansion continues to outstrip lists growth, the average selling price should continue to increase on a year-over-year basis,” said Jason Mercer, TREB’s Director of Market Analysis .
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TORONTO, Aug 7, 2014 — Toronto Real-estate Board President Paul Etherington reported strong year-over-year growth for July 2014 sales and the average selling price. Sales reported by TREB Members through the TorontoMLS system were up by Ten percent to 9,198.
“The second half of 2014 started where the 1st half left off, with extraordinarily robust requirement for the diversity of reasonable home possession options in the Greater Toronto Area. Sales were up strongly for most major home types and market conditions actually tightened, with sales expansion outpacing listings growth.
The average selling price for July 2014 sales was $550,700 up by 7.5 per cent compared against 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 condo apartment segment experienced average price growth of 5.3 per cent for the GTA in total.
“Strong demand for possession housing will underpin robust average cost increases for the remainder of 2014. In reality the pace of price expansion that we have experienced over the last year will continue till growth in listings outpaces growth in sales for an extensive period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.