GTA Resale Market Continues to Show Strength Through Summer
By Lucas on Aug 19, 2014
The Toronto Real Estate Board (TREB) released their mid-month housing figures for the GTA resale market, announcing that the market is showing no signs of slowing down.
In the first 14 days of August 2014, there were 3,504 sales reported through the TorontoMLS system. That’s a 7.6 percent increase compared to the same period last year.
“Sales were up strongly for all major home types across the GTA through the first two weeks of August. This means that many different types of buyers were active in the marketplace, including first-time buyers purchasing newly listed condominium apartments and existing homeowners changing their housing situation to meet their current needs,” said Paul Etherington, President of TREB.
The overall average selling price went up 9.4 percent to $538,530. Detached homes and semis saw the biggest price jumps, with the average selling price for a detached home jumping 12.3 percent to $692,402, and the average for a semi increasing nearly 10 percent to $504,224.
“During the first 14 days of August, the number of home sales grew at a faster pace year-over-year compared to the number of homes listed for sale. This means that competition between buyers increased relative to the same period last year, which explains the continuation of very strong average price growth in the GTA,” said TREB’s Director of Market Analysis, Jason Mercer.
Detached homes and semis jumped in price because of the lack of inventory to meet demand. A smaller selection means higher prices. Condo units proved to be the most affordable option thanks to the great amount of inventory, specifically in the 416 region. Condo units saw a healthy average price rise of 2.6 percent to $353,136.
With summer sales higher than average, we’re anxious to see how the resale market performs in the fall months. If you’re thinking about selling your home and purchasing a new one, then now might be the time!
