According to the latest from the Toronto Real Estate Board, home sales during the first half of July 2014 were up by 11.6 per cent compared to the same time last year, with a total of 3,891 sales. New listings were up by 9.7 per cent.
“There are two key takeaways from the July mid-month results. First, given the continuation of strong sales growth, we could start to see an improvement in the overall supply of homes for sale,” said Paul Etherington, Toronto Real Estate Board’s new president. “This would be a relief for some buyers who have been hard pressed to find a home that meets their needs in this tight market.”
The average selling price during this time period was $549,174, which is an increase of eight per cent over the first half of July 2013. Semi-detached houses and townhouses experienced the strongest rates of price growth.
“Annual average price growth remains in the high single-digits or low double-digits for many home types across the GTA. It is possible that we could see more choice for buyers in the second half of 2014 in the form of increased new listings,” said Jason Mercer, Toronto Real Estate Board’s senior manager of market analysis. “A sustained increase in choice for buyers could serve to gradually ease the pace of price growth in some market segments.”