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.
"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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