Photo: James Paolo/Flickr
Last month, the GTA real estate market saw a 15.4 per cent surge in existing home sales, year-over-year. Looks like home-seekers didn’t exactly go on vacation in July: the Toronto Real Estate Board (TREB) is reporting 3,891 homes sales for the first two weeks of the month, an 11.6 per cent increase over the same time 2013.
New listings also increased, rising by an annual rate of 9.7 per cent. Paul Etherington, President of TREB, suggested in the news release that “if new listings growth continues to outpace sales growth, we could start to see an improvement in the overall supply of homes for sale. This would be a relief for some buyers who have been hard pressed to find a home that meets their needs in this tight market.”
Prices have continued their upward climb. In the first two weeks of July, the average price for a GTA home rose 8 per cent to $549,174.
Semi-detached houses in Toronto-proper led price growth in the region, with a 14.5 per cent spike to $678,749. Townhouses in the 416 followed with a 12.3 per cent increase to $498,907.
In 2014, year-over-year price growth seesms to be par the course. But the runaway growth might not last through the latter part of the year.
“It is possible that we could see more choice for buyers in the second half of 2014 in the form of increased new listings. A sustained increase in choice for buyers could serve to gradually ease the pace of price growth in some market segments,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis, in the release.
For more details, check out the table below: