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July GTA Real Estate Transanction Up for All Major Home Types

by Vlad
August 7, 2015
Category:   Market Updates

house1TORONTO, August 6, 2015 — Toronto Real Estate Board President Mark McLean announced record home sales for the month of July. Greater Toronto Area REALTORS® reported 9,880 sales through TREB’s MLS® System, representing an eight per cent increase compared to July 2014. The number of transactions were up for all major home types, including a double-digit year-over-year increase in condominium apartment sales.

“As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home,” said Mr. McLean.

The MLS® Home Price Index (HPI) Composite Benchmark, which accounts for benchmark home prices in communities throughout the TREB market area, was up by 9.4 per cent year-over-year in July 2015. Over the same period, the average selling price was up by a slightly greater amount, growing by 10.6 per cent annually to $609,236.

Detached homes continued to lead the way in terms of price increases, with annual growth in the average selling price outstripping growth in the MLS® HPI detached benchmark. This suggests that there continued to be a greater share of high-end homes sold this year compared to last.

“With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015,” said Jason Mercer, TREB’s Director of Market Analysis.

Click here to see Full Report [pdf]

Historic Annual Sales and Average Price [pdf]

 

Summary of TorontoMLS
Sales and Average Price July 1 – 31, 2015

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of
Toronto (“416”)

3,480

618,202

5,681

3,300

576,469

5,756

Rest of
GTA (“905”)

6,400

604,361

9,018

5,852

536,052

9,325

GTA

9,880

609,236

14,699

9,152

550,625

15,081

 

TorontoMLS Sales & Average Price
By Home Type July 1 – 31, 2015

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,031

3,696

4,727

996,770

729,261

787,607

Yr./Yr. % Change

-0.7%

9.5%

7.1%

13.3%

14.2%

13.2%

Semi-Detached

324

668

992

716,160

499,821

570,480

Yr./Yr. % Change

-2.4%

10.6%

6.0%

12.7%

10.4%

10.2%

Townhouse

369

1,171

1,540

536,212

448,785

469,733

Yr./Yr. % Change

-1.9%

5.2%

3.4%

8.3%

11.5%

10.3%

Condo
Apartment

1,730

699

2,429

394,504

317,564

372,363

Yr./Yr. % Change

13.7%

16.3%

14.4%

4.0%

5.0%

4.1%

 

July 2015 Year-Over-Year Per
Cent Change in the MLS® HPI

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB
Total

9.4%

10.9%

10.6%

9.5%

3.9%

Halton Region

9.0%

9.2%

9.2%

7.8%

Peel
Region

9.0%

9.7%

10.1%

9.2%

3.2%

City of
Toronto

6.9%

8.8%

7.9%

8.7%

3.8%

York
Region

13.5%

14.4%

14.6%

11.9%

4.3%

Durham
Region

13.2%

13.3%

14.5%

10.8%

8.0%

Orangeville

7.5%

7.6%

6.7%

South
Simcoe County1

11.5%

11.0%

11.8%

Here is a video from the Toronto Real Estate Board on the July Market Watch for 2015.

Source: (All data and comments in this article is an excerpt from the  market watch report prepared by Toronto Real Estate Board)


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