July 16, 2013 -- Greater Toronto Area REALTORS reported 3,603 home sales through the TorontoMLS system during the first Fourteen days of July. This result represented a respectable increase of 2.2 per cent matched against the same period in 2012. Over the same time frame, the amount of new listings entered into TorontoMLS was down by two percent.
"The 2nd half of 2013 began with tighter market conditions in the GTA home market. With sales up and new listings down, it is sensible the annual rate of price expansion sped up. This was especially the case for single-detached and semi-detached homes in the Town of Toronto, which remained in very short supply," announced Toronto Real estate Board President Dianne Usher.
The average selling price for the 1st 14 days of July was $510,819 up by 8.1 per cent compared with $472,632 in the first part of July 2012. The condo flat segment continued to experience moderate average pricetag expansion.
"Expect a quicker speed of average cost growth in the 2nd half 2013 compared with the 1st six months of the year. The strong demand and deficit of lists for low-rise home types in some neighbourhoods will continue to be the driver of price growth. An enhancement in conditions in the condominium residence market will also have a positive impact," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"The 2nd half of 2013 began with tighter market conditions in the GTA home market. With sales up and new listings down, it is sensible the annual rate of price expansion sped up. This was especially the case for single-detached and semi-detached homes in the Town of Toronto, which remained in very short supply," announced Toronto Real estate Board President Dianne Usher.
The average selling price for the 1st 14 days of July was $510,819 up by 8.1 per cent compared with $472,632 in the first part of July 2012. The condo flat segment continued to experience moderate average pricetag expansion.
"Expect a quicker speed of average cost growth in the 2nd half 2013 compared with the 1st six months of the year. The strong demand and deficit of lists for low-rise home types in some neighbourhoods will continue to be the driver of price growth. An enhancement in conditions in the condominium residence market will also have a positive impact," said Jason Mercer, TREB's Senior Manager of Market Analysis.
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