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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TORONTO, June 17, 2014

TORONTO, June 17, 2014 -- Toronto Real estate Board President Dianne Usher commented that both sales and new lists were up substantially during the first Fourteen days of June 2014 matched against the same period in 2013. 

"If the 1st two weeks of June are any indication, we might be seeing a turnaround in the provision of homes for sale in the Greater Toronto Area. Nonetheless sales growth outpaced growth in new listings, which suggests that there's still lots of stored up demand yet to be satisfied, so sellers' market conditions will probably remain in place for the rest of 2014," said Ms. New listings were up on a year-over-year foundation for most major home types in the City of Toronto and surrounding regions. Usher. 

Sales reported through the TorontoMLS system during the first 14 days of June amounted to 4,938 up by 11.3 per cent compared with 2013. New listings were up over the same period by 7.8 percent to 8,825. 

"Average selling costs were up across the GTA for low-rise home types like singles, semis and townhouses in addition to condominium residences. 

The average selling price for June mid-month transactions was $582,100, which represented an increase of 8.6 per cent compared against the average of $535,865 in 2013. This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the amount of new lists, which means that competition between buyers potentially increased," announced Jason Mercer, TREB's Senior Manager of Market Research.

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TORONTO, June 4, 2014

TORONTO, June 4, 2014 -- Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year back. 

Total TorontoMLS sales for May 2014 amounted to 11,079 a new high for the month of May. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. 

"We are now at the top of the spring market when we usually see the greatest number of sales and the highest average selling prices. Based mostly on the May statistics, buyers have been more active this spring compared to last year. Despite strong price expansion so far in 2014, many households remain happy with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have stayed at or near record lows during the last few months," said Ms. Usher. 

Average selling costs varied across the Larger Toronto Area, depending on geography and home type. In the encompassing GTA regions, the average detached price was $648,439. The median price for condo residences was $401,809 in the City of Toronto and $307, 307 in the surrounding regions. With listings down and sales up compared to last year, competition between customers increased. 

"The lists situation in the GTA didn't improve this past May. The result was price expansion well-above the rate of inflation, especially for singles, semis and townhomes," said Jason Mercer, TREB's Senior Manager of Market Analysis. 

"It is also important to identify that although the condo apartment market segment remains relatively well-supplied, as new project completions have usually led on to an uptick in lists, we have seen enough customer interest to prompt strong condo price expansion as well," continued Mercer.

TORONTO, May 6, 2014

TORONTO, May 6, 2014 -- Toronto Real-estate Board President Dianne Usher announced during April the 1st full month of spring Greater Toronto REALTORS reported a 1.8 % year-over-year increase in sales through the TorontoMLS system. 

"April marked the beginning of the spring market, in which time we often see the highest monthly sales totals in a specified year. Regardless of the persistent shortage of lists, an important number of GTA residents were able to come to terms on a home that met their requirements. However, sales levels would have been higher , but for the lack of supply," said Ms. Usher. 

"A number of factors underlie the constrained supply of lists. Studies and polling suggest the extra upfront land transfer tax in the City of Toronto has pushed some households to remain put and renovate rather than list their home and move. Usher. In the wider GTA context, above-trend home sales in the years leading in to the recession have meant that many households who purchased during this period simply aren't ready to move again," continued Ms. 

The average selling price for April 2014 sales was $577,898 up by 10.1 per cent compared against the April 2013 average of $524,868. The MLS Home Price Index ( HPI ) Composite Benchmark was up by seven per cent year-over-year. 

"Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the Town of Toronto. The MLS HPI strips away price fluctuations resulting from a change in the mix of home types sold from one period to the next. Until we see a marked and sustained increase in lists, we should expect to see the annual rate of price expansion above the long-term norm," said Jason Mercer, the Toronto Real estate Board's Senior Manager of Market Analysis.

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