GTA REALTORS(R) Release Monthly Resale Housing Figures

TORONTO, ONTARIO -- (Marketwired) -- 08/06/15 -- 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.

----------------------------------------------------------------------------
       Summary of TorontoMLS Sales and Average Price July 1 - 31, 2015
----------------------------------------------------------------------------
                                   2015                      2014
                                  Average      New          Average      New
                           Sales    Price Listings   Sales    Price Listings
City of Toronto ("416")    3,480  618,202    5,681   3,300  576,469    5,756
Rest of GTA ("905")        6,400  604,361    9,018   5,852  536,052    9,325
GTA                        9,880  609,236   14,699   9,152  550,625   15,081
----------------------------------------------------------------------------


----------------------------------------------------------------------------
      TorontoMLS Sales & Average Price By Home Type July 1 - 31, 2015
----------------------------------------------------------------------------
                                  Sales                 Average Price
                             416     905   Total      416      905    Total

Detached                   1,031   3,696   4,727  996,770  729,261  787,607
  Yr./Yr. % Change          -0.7%    9.5%    7.1%    13.3%    14.2%    13.2%
Semi-Detached                324     668     992  716,160  499,821  570,480
  Yr./Yr. % Change          -2.4%   10.6%    6.0%    12.7%    10.4%    10.2%
Townhouse                    369   1,171   1,540  536,212  448,785  469,733
  Yr./Yr. % Change          -1.9%    5.2%    3.4%     8.3%    11.5%    10.3%
Condo Apartment            1,730     699   2,429  394,504  317,564  372,363
  Yr./Yr. % Change          13.7%   16.3%   14.4%     4.0%     5.0%     4.1%
----------------------------------------------------------------------------

         July 2015 Year-Over-Year Per Cent Change in the MLS® HPI
----------------------------------------------------------------------------
                                    Single-   Single-
                        Composite    Family    Family
                      (All Types)  Detached  Attached  Townhouse  Apartment
TREB Total                    9.4%     10.9%     10.6%       9.5%       3.9%
Halton Region                 9.0%      9.2%      9.2%       7.8%         -
Peel Region                   9.0%      9.7%     10.1%       9.2%       3.2%
City of Toronto               6.9%      8.8%      7.9%       8.7%       3.8%
York Region                  13.5%     14.4%     14.6%      11.9%       4.3%
Durham Region                13.2%     13.3%     14.5%      10.8%       8.0%
Orangeville                   7.5%      7.6%      6.7%         -          -
South Simcoe
 County(1)                   11.5%     11.0%     11.8%         -          -
----------------------------------------------------------------------------

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 40,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

(1)  South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury,
     Essa, Innisfil and New Tecumseth.

Contacts:
Media Inquiries: Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
[email protected]

Source: Toronto Real Estate Board

You May Also Be Interested In

• Analysts split on Apple after foldable iPhone Duo debut
• Aster Guardians Global Nursing Award 2026 Names Agimol Pradeep From United Kingdom Winner of USD 250,000 Prize
• Augusta Precious Metals Reviews Analysis Explores How They Rank Among the Best Gold IRA Companies in 2026 (New Report)