According to the latest Toronto MLS statistics released by the Toronto Real Estate Board, Toronto experienced the second-best July sales result on record, with an increase of 10 per cent to 9,198 total sales for the month compared to the same time last year.
“The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable home ownership options in the Greater Toronto Area,” said Toronto Real Estate Board president Paul Etherington. “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.”
In July 2014, the average selling price for a home in Toronto increased by 7.5 per cent over the same month last year, to $550,700.
According to Jason Mercer, the senior manager of Market Analysis for the Toronto Real Estate Board, “Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014. In fact, the pace of price growth we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time.”