Toronto sales set new record except one category

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Yet another record has been set for home sales in July, an eight per cent increase compared to July 2014 -- however the price for a detached home dropped below $1 million for the first time in months.

“…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,” Mark McLean, president of the Toronto Real Estate Board, said in a release. “Home buyers remain confident in the long-term benefits of owning a home.”

The comments reflect confidence that the market is nowhere near a slowdown yet and the Toronto Real Estate Board expects that the city is still on pace for a record year.

The average price for a detached home in 416-neighbourhoods fell under $1 million; however the price increased 13.3 per cent year over year. Overall, including the 905, the average price for a detached home in the GTA is $787,607.

At the same time, the condo market has been taking off as TREB reported 2,429 sales, a 14.4 per cent increase year over year. The average price for a condo is $372,263, a 4.1 per cent increase.

For all property types, there were a total of 9,880 sales at an average price of $609,236, compared to 9,152 sales for an average price of $550,625. What’s more, listings were down to 14,699 from 15,081.

"With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers,” McLean said. “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.”


  • Samantha Gale, CMBA, MBABC on 2015-08-06 3:23:03 PM

    The statistics for real estate sales activity are more shocking in Vancouver with sales numbers up 30 per cent from last year and a 26 per cent drop in the number of listings. There is a clear demand for housing, yet home owners are reluctant to sell for fear of not being able to get back in the market.

  • Henry on 2015-08-06 3:33:07 PM

    The bubble is Just getting bigger and bigger.
    Eventually will burst one day.

  • Rob on 2015-08-06 4:09:51 PM

    We have away too much media and not enough news. It's sad that bad news sells better than good news.
    Do you want some good News? Check out what CMHC and Genworth has to say. Genworth says your home will be worth more than last year and will continue to increase over the next two years.
    Genworth also says, there is NO bubbly in the future, but there could be a correction of 5% to 15% in the major cities, but it will recover from the correction very quickly.

  • Appraiser on 2015-08-06 6:56:01 PM

    More bad news for the bears, who are absolutely gob-smacked by the overwhelming demand for real estate in the GTA.

    That's four months in a row of record sales on TREB!

    Oh, and by the way residential real estate sale prices are seasonal, so prices haven't "dropped." As noted in the article they are actually 13.3% higher year over year for the month.

    The silence of the bears is absolutely deafening.

  • Ron Butler on 2015-08-06 9:20:15 PM

    No one should really be excited about a 13.3% increase in home prices unless you are selling now and taking the money and living in Mexico. Any rational person can understand that compounding 13% property value increases year after year are NOT sustainable.

  • Joey on 2015-08-07 2:58:28 AM

    Just like a SFH hit $1 million dollars for the first time ever this year but it was over a million in 2014 for a month right appraiser.... You can spin statistics anyway you want.
    Should be interesting to see how Calgary affects Toronto once EI starts to run out.

  • okay on 2015-08-07 3:23:51 PM

    I am sure they will do anything to protect both Boubbleronto and Bubblecouver real estate markets. That's the remaining economy. Every citizen is either real estate agent or mortgage broker or or appraiser.

  • Silvia on 2015-08-07 3:59:17 PM

    Sorry, but I read it little differently. The average sale price of GTA detached home has fallen below $1 million. I think this is for the first time since January and it means that housing sales last month was at the lowest level in four months on average. Newspaper sources also report that home values declined in market by about $140,000 on average since May on homes that were supposedly selling over $1 million, and that despite the BoC's recent rate cut that had no immediate effect, like the one from January. Nevertheless I am positive that our institutions will do everything in their power to protect real estate in both our highly demand cities, as it seems that it is the last stronghold of our economy. Am I missing something?

  • Appraiser on 2015-08-07 9:45:03 PM

    Wow Silvia, why don't you just quote Garth Turners latest advertorial / blog post chapter and verse? Do you actually believe that the T.O. real estate market is actually is dropping? Four months in a row of all-time monthly sale records - and well on the way to an all-time sales record for one year.

    What a joke!

    If you don't understand seasonality when it comes to housing stats, then I can't help you. Every year it's exactly the same routine with Garth Turner. He knows full well that the highest average price annually is in the spring, then it drops slightly thereafter, only to reach another all-time high the following spring. That's right. Every. Single Year.

    Only proves that you can fool some of the people all of the time. Turner feasts on the naive and ill-informed.


    P.S. yeah, yeah I know you weren't quoting Turner, you just came up with the EXACT same numbers, presentation and conclusion on your own.


  • Silvia on 2015-08-07 10:13:12 PM

    Appraiser, try this It comes with graphs and pictures too.

  • Silvia on 2015-08-07 11:08:21 PM

    You got me now, appraiser. But try this one instead of acting like an old hysterical woman. It comes with pictures and graphs in case reading gives you a challenge.

  • Silvia on 2015-08-07 11:09:02 PM

    You got me now appraiser. Try this one instead of acting like an old hysterical woman. It comes with pictures and graphs in case reading gives you a challenge.

  • Silvia on 2015-08-11 10:55:34 PM

    Hey, Appraiser, did you read Garth Turner's post from today, August 11? Is it that you are bitch-smacked now. . . .hiding? I guess condo purchase wasn't the smartest think for you to do after all.

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