Just Listed & Just Sold Reports Online
Late each evening we go live on our exclusive new members-only site with links to all residential properties in the GTA listed and sold on that day. The reports includes all listings in the Greater Toronto Area published on the Toronto Real Estate Board's MLS® system.
Just Listed Report
Just Sold Report
August 30, 2015 | Permalink
Toronto average home price up 11.7%
Greater Toronto Area Rrealtors reported 3,729 home sales through the TREB MLS® System during the first 14 days of August. This result represented an eight per cent increase compared to 3,453 sales reported for the same period in 2014.
For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. Detached and semi-detached home sales were down in the City of Toronto.
While the demand for ownership housing remained strong in the first half of August, the supply of listings continued to be an issue for many would-be home buyers. The number of new listings entered into TREB's MLS® System was up, but by a lesser annual rate compared to sales. This suggests that market conditions were tighter compared to 2014, with more competition between buyers.
With sellers’ market conditions prevalent throughout much of the Greater Toronto Area, August mid-month average selling prices were up for all major home types compared to 2014. The average selling price for all home types combined was up by 11.7 per cent year-over-year to $601,996.
It is important to note that average price growth can be driven by different factors. Over the past year, tight market conditions, with strong demand and constrained supply, have certainly underpinned much of the price growth we have experienced. However, in some market segments, including detached homes in the City of Toronto, average price growth has also been influenced by a greater share of high-end home sales this year compared to last.
At month-end, a comparison of growth in the MLS® Home Price Index (HPI) versus growth in the average price will help to differentiate between price growth based purely on market conditions and growth resulting from changes in the types of homes sold.
Record Toronto home sales continue
Toronto Real Estate Board President Mark McLean announced record home sales for the month of July. Greater Toronto Area REALTORS® reported 9,880 sales through TREB's MLS® System, representing an eight per cent increase compared to July 2014. The number of transactions were up for all major home types, including a double-digit year-over-year increase in condominium apartment sales.
"As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home," said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark, which accounts for benchmark home prices in communities throughout the TREB market area, was up by 9.4 per cent year-over-year in July 2015. Over the same period, the average selling price was up by a slightly greater amount, growing by 10.6 per cent annually to $609,236.
Detached homes continued to lead the way in terms of price increases, with annual growth in the average selling price outstripping growth in the MLS® HPI detached benchmark. This suggests that there continued to be a greater share of high-end homes sold this year compared to last.
"With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015," said Jason Mercer, TREB's Director of Market Analysis.
See the Toronto Real Estate Board's Market Watch report →
August 6, 2015 | Permalink