Home sales in Toronto during July and the first half of August showed strong year-over-year growth, as reported by the Toronto Real Estate Board (TREB). There were 9,128 sales during July, up from 8,367 in 2013, a 10 percent increase. By mid-August, 3,504 sales had been recorded through TREB’s MLS system, an increase of 7 percent over the same period in 2013.
While the summer real estate market typically experiences a slowdown, it does not seem to be the case in Toronto this year. The sale of all home styles saw increases during the summer, meaning that a variety of homebuyers are finding the perfect home.
It is likely the tight market conditions for detached and semi-detached houses is driving the average price increases experienced in July and the first half of August.
The overall average selling price in July 2014 was $550,700, up nearly 8 percent compared to July 2013. The strongest price growth was experienced in the detached market segment, with the average detached price up by 12 per cent year-over-year.