Whether it was a condo or a detached house, a 416 abode or a property in the 905, GTA homes saw significant gains in both values and sales during July. According to the latest numbers released by the Toronto Real Estate Board (TREB), the summer market was extra hot compared to July 2012.
The 8,544 residential sales tallied last month represented a 16 per cent boost compared to the same time in 2012, making it the best July since 2009 and the third best July on record.
Values also continued their seemingly unstoppable climb. The overall average price for a home in the GTA was up eight per cent, year-over-year, to $513,246. Though the low-rise market performed extremely well, condos also price increases of their own.
“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.
“An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation.”
Here’s how the numbers break down:
Biggest price gainer
- Toronto proper’s semi-detached market saw the biggest increase in prices, rising 11.1 per cent to $584,499 as of July 2013.
- Again, semis in the 416 saw the biggest year-over-year boost in sales, increasing by 28.8 per cent last month. Semi-detached homes in the 905 followed closely behind with a 26.4 per cent jump in transactions.
- Sales of condos were up in both regions of the GTA with Toronto-proper registering a 10.6 per cent bump in sales and the 905 region seeing a 10.2 per cent increase.
- Though prices of condos couldn’t match the significant, double-digit gains seen in the low-rise sector, they still saw a year-over-year rise. The 416 fared better than the 905, recording a 4.1 per cent gain for a new average price of $361,969. The 905 saw values rise by 1 per cent year-over-year, moving to a new average of $281,044.
- Easily the priciest segment of the market, 416 detached homes saw a 20.7 per cent bump in sales in July 2013 and a 6.5 per cent rise in values. The new average price for a detached home in Toronto-proper now sits at $793,842.
- Detached homes in the 905 were largely in line with those in the 416: they saw a 19 per cent year-over-year increase in sales and an 8 per cent boost in values for a new average price of $597,404.
For more details check out the table below…
Photo: Ian Muttoo/Flickr