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July Mid-Month Resale Statistics Released

The Toronto Real Estate Board reported 4,428 home sales for the first 14 days of July 2016. This result represented a 3% increase compared to the same time period in 2015. Year-over-year sales growth was led by the condominium apartment market segment, with an increase of 10.9% in the TREB market area as a whole.

New listings were also up over the same time period, but by a lesser annual rate of 1.5%. With sales growth outstripping growth in new listings, strong seller’s market conditions persisted particularly with regard to low-rise home types, including singles, semis and town houses.

In line with the trend experienced throughout 2016, strong demand for ownership housing up against a constrained supply of listings underpinned double-digit year-over-year average price growth for low-rise home types and strong single-digit growth for the average condominium apartment price. The average selling price for all home types combined was $707,303 – up 15.9% compared to the same period in 2015.

Very low borrowing costs and a relatively strong regional economy compared to other metropolitan areas across Canada have kept GTA households confident in their ability to purchase and pay for a home over the long term. This confidence coupled with a lack of inventory in many neighbourhoods will see very strong price growth remain the norm in the second half of this year. 

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If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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RE/MAX Hallmark Realty Ltd., Brokerage
723 Mount Pleasant Road
Toronto, ON
M4S 2N4

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 8/23/2017 1:56:48 PM