Last month was the second best July for GTA home sales according to the Toronto Real Estate Board (TREB). The resale market saw 9,198 sales last month, up 10 per cent from the same time last year.
While many housing types measured double-digit growth, semi-detached homes in Toronto-proper saw zero change while sales of 905 semis inched up by just 0.3 per cent.
However, regardless of region or property type, there was price growth across the board. The average sale price for an existing GTA home rose 7.5 per cent to $550,700.
If you’re expecting a drop in resale prices, that doesn’t appear to be in the immediate forecast.
“Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the new release.
“In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time.”
Active listings dropped 4.7 per cent in July from last year, though the number of new listings rose by 8.2 per cent.
Here’s a closer look at some of the biggest gains last month:
- Condo sales in the 905 numbered 605, a 14.6 per cent leap over last year.
- Sales of condos in Toronto-proper followed close behind with a 13.4 per cent.
- In the 905, detached houses measured an 11.1 per cent bump in sales in July.
- The average price for a detached house in the 416 rose 11 per cent to $880,433.
- Townhouses in Toronto-proper increased by 9.2 per cent to $493,989.
- Though sales may have leveled off for semis, that didn’t stop prices from rising by 8.3 per cent in both regions. The July average for the 416 was $635,311 and $452,536 in the 905.