TORONTO, August 6, 2015 –
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
“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
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.
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