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GTA REALTORS(R) Release Mid-Month Resale Housing Figures

Jul 16 2013 12:00AM

Marketwire

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TORONTO, ONTARIO -- (Marketwired) -- 07/16/13 -- Greater Toronto Area REALTORS® reported 3,603 residential sales through the TorontoMLS system during the first 14 days of July. This result represented a moderate increase of 2.2 per cent compared to the same period in 2012. Over the same time frame, the number of new listings entered into TorontoMLS was down by two per cent.

"The second half of 2013 began with tighter market conditions in the GTA housing market. With sales up and new listings down, it makes sense that the annual rate of price growth accelerated. This was especially the case for single-detached and semi-detached homes in the City of Toronto, which remained in very short supply," said Toronto Real Estate Board President Dianne Usher.

The average selling price for the first 14 days of July was $510,819 - up by 8.1 per cent compared to $472,632 in the first half of July 2012. The strongest year-over-year increases were experienced in the single-detached and semi-detached market segments in the City of Toronto with growth rates of 10.7 and 14.1 per cent respectively. The condominium apartment segment continued to experience moderate average price growth.

"Expect a faster pace of average price growth in the second half of 2013 compared to the first six months of the year. The strong demand and shortage of listings for low-rise home types in some neighbourhoods will continue to be the driver of price growth. An improvement in conditions in the condominium apartment market will also have a positive impact," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price July 1 - 14---------------------------------------------------------------------------- 2013 2012 ----------------------------------------------------- Average New Average New Sales Price Listings Sales Price ListingsCity of Toronto ("416") 1,289 $527,885 2,591 1,255 $493,636 2,804Rest of GTA ("905") 2,314 $501,312 4,124 2,271 $461,025 4,050GTA 3,603 $510,819 6,715 3,526 $472,632 6,854-------------------------------------------------------------------------------------------------------------------------------------------------------- TorontoMLS Sales & Average Price By Home Type July 1 - 14, 2013 Sales Average Price 416 905 Total 416 905 Total -----------------------------------------------------Detached 390 1,328 1,718 796,182 599,483 644,135 Yr./Yr. % Change -2.5% 6.9% 4.6% 10.7% 8.7% 8.8%Semi-Detached 152 260 412 591,071 417,856 481,761 Yr./Yr. % Change 20.6% 1.6% 7.9% 14.1% 7.9% 11.9%Townhouse 142 431 573 444,272 374,131 391,513 Yr./Yr. % Change 0.0% -9.5% -7.3% 6.1% 3.8% 4.7%Condo Apartment 595 228 823 356,920 285,058 337,012 Yr./Yr. % Change 3.7% -1.3% 2.2% 1.6% 3.0% 2.2%--------------------------------------------------------------------------------------------------------------------------------------------------------



Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Contacts:
Media Inquiries:
Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

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Source: Marketwire


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