By: Thomas Cook

Toronto Average Home Prices Increase 8% Mid-July 2014

According to the latest from the Toronto Real Estate Board, the average selling price for homes sold through the TorontoMLS listings in the first two weeks of July, 2014, were up by 8 per cent compared to July of last year, bringing the average selling price for a Toronto home to $549,174.

“There are two key takeaways from the July mid-month results,” said Paul Etherington, Toronto Real Estate Board president. “First, given the strong continuation of strong sales growth, it is clear that buyers are still attracted to affordable home ownership options in the GTA. Second, if new listings growth begins to outpace sales growth, we could start to see an improvement in the overall supply of homes for sale. This would be a relief for some buyers who have been hard pressed to find a home that meets their needs in this tight market.

There were 3,891 sales during the 14-day period, which is up by 11.6 per cent over the same time in July 2013.

According to the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, “Annual average price growth remains in the high single-digits or low double-digits for many home types across the GTA. It is possible that we could see more choice for buyers in the second half of 2014 in the form of increased new listings. A sustained increase in choice for buyers could serve to gradually ease the pace of price growth in some market segments.”