July Mid-Month Resale Figures Released
The Toronto Real Estate Board reported sales for the first 14 days of July were up by 11.6% year-over-year to 3,891. New listings were also up compared to the same period in 2013, but by a lesser annual rate of 9.7%.
“There are two key takeaways from the July mid-month results. First, given the continuation of strong sales growth, it is clear that buyers are still attracted to affordable home ownership options in the GTA. Second, if new listings growth begins to outpace sales growth, we could start to see an improvement in the overall supply of homes for sale. 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,” said TREB President Paul Etherington.
The average selling price for sales reported during the first two weeks of July 2014 was $549,174. This result was up by 8% compared to the same period in 2013.
“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. A sustained increase in choice for buyers could serve to gradually ease the pace of price growth in some market segments,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
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