Aug 13 | Posted by Barry Cohen

If I’m starting to sound like a broken record, it’s because the real estate market in the GTA continues to break records every month and seems to be unstoppable.  Home sales were up by 8 percent over July 2014 despite the number of active listings being down by 14 percent. The decreased inventory coupled with low interest rates have sent the average selling price up again last month by a whopping 10 percent in just one year.

Last month Toronto Real Estate Board members reported 9,880 sales through TREB’s Multiple Listing Service.  Sales were up for all major home types but were most impressive in condo apartment sales which reported a double-digit year over year increase.  Board President Mark McLean had this to say about last month’s figures “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”.

The MLS Home Price Index Composite Benchmark (which accounts for benchmark home prices in communities throughout the TREB market Area) was up by 9.4 percent year over year.  The highest increase in average selling price was reported in the detached home category where annual growth outstripped the MLS Home Price Index benchmark, indicating that high-end home sales were greater than the same period last year.

The current market in the GTA has no shortage of willing, qualified buyers, so there has never been a better time to list your property for sale.  If you want expert advice on the market value of your GTA home, I would be happy to provide my experience and market knowledge to help you get your home listed, marketed and sold for the most money in the shortest amount of time with the least amount of hassle.

Here is a recap of last months TREB figures.

 

Sales And Average Price By Major Home Type

July 2015

 

    Sales     Average Price  
  416 905 TOTAL 416 905 TOTAL
DETACHED 1031 3696 4727 $996,770 $729,261 $787,607
SEMI-DETACHED 324 668 992 $716,160 $499,821 $570,480
TOWNHOUSE 369 1171 1540 $536,212 $448,785 $469,733
CONDO-APARTMENT 1730 699 2429 $394,504 $317,564 $372,363

 

Year Over Year Summary

  2015 2014 % CHANGE
SALES 9880 9152 +8.0%
NEW LISTINGS 14,669    15,081 -2.5%
ACTIVE LISTINGS 16,673 19,549 -14.7%
AVERAGE PRICE $609,236 $550,625 +10.6%
DAYS ON MARKET 22 24 -8.3%