Monday 11 August 2014

TORONTO, August 7, 2014

TORONTO, August 7, 2014 -- Toronto Real-estate Board President Paul Etherington reported powerful year-over-year growth for July 2014 sales and the average selling price. This was the second-best July sales result on record. 

"The second half of 2014 started where the 1st half left off, with extraordinarily robust requirement for the diversity of affordable home ownership options in the Greater Toronto Area. The result was average price expansion well-above the rate of inflation," expounded Mr. Etherington. 

The average selling price for July 2014 sales was $550,700 up by 7.5 % compared with July 2013. The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of Eleven percent. The better-supplied condominium residence segment experienced average price growth of 5.3 percent for the GTA in total. 

"Strong requirement for ownership housing will underpin robust average cost increases for what's left of 2014. In fact, the pace of price growth that we have experienced over the last year will continue till growth in listings outpaces expansion in sales for an extensive period of time," said Jason Mercer, TREB's Senior Manager of Market Analysis.

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