July 2014 was likely one of the busiest months in recent memory for many brokers in one of Canada’s markets, with the number of resales marking the second best July on record.
"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,” Toronto Real Estate Board President Paul Etherington said in a release. “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."
GTA sales hit 9,198 in July, with 3,315 coming in city of Toronto with an average price of $576,552. The rest of the GTA saw 5,883 sales and an average sale price of $536,132.
As for prices, 2014 saw a 7.5 per cent overall home price increase. Meanwhile, condos saw a 5.3 per cent y/y price hike (4.7 per cent in the 416); townhouses prices jumped 70 per cent; Semi-detached 8.2 per cent; and detached 8.2 per cent.
And prices are expected to continue to rise, according to TREB, for the remainder of the year.
"Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014,” Jason Mercer, TREB's senior manager of market analysis, said. “In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time."