7 August 2014

It should be noted that the average selling price for July was $550,700, which is 7.5% higher than during the same month last year. The largest price increase was reported in the sector of detached houses in the City of Toronto. Here the year-over-year growth was 11% (the average price for detached house in Toronto is now $880,433). In case of condo market with its higher supply the price increase was 5.3% for the whole GTA.

“Strong housing demand will support the significant average price growth for the rest of 2014. Moreover, such a pace of price growth will continue until listing increases outpace growth in sales for a certain period of time,”- noted Jason Mercer, TREB’s Senior Manager of Market Analysis.