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Toronto Real Estate Continues to Impress – Strength Expected to Continue

August 7, 2014

According to the TREB, the Toronto Real Estate Board, resale prices in the Greater Toronto Area displayed a 7.5 percent increase from July of last year.

Earlier this week, both Vancouver and Calgary real estate boards released positive sales and price increased year over year. Now the GTA has reported what looks to be one of the strongest July months ever. Transactions in Vancouver reached 3,061 on the Multiple Listing Service, marking the fourth straight consecutive month that 3,000 sales have taken place. Calgary had reported 2,336 transactions on the MLS, representing a 3.18% increase over the same period last year.

The Toronto Real Estate market continues to release strong numbers, reporting a particularly strong July month – in fact, the second best July on record. The average price of a property was up 7.5% year over year, resulting in an average price of $550,700 for the month of July. Detached homes showed an even stronger surge, resulting in an average price of $880,433. The average price of $880,433 represents an increase of 11 percent over last years number.

“The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable home ownership options in the Greater Toronto Area. Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth. The result was average price growth well-above the rate of inflation,” said Toronto Real Estate Board President, Paul Etherington.

Transaction numbers also increased in the Greater Toronto Area during the month of July. 9,198 sales transactions took place in the GTA, this represented a 10 percent increase when compared to July last year. The 9,198 transactions represent the second highest amount of sales transactions in the Greater Toronto Area during the month of July.

Source: Toronto Real Estate Board. For further information, please view the entire report here.