Greater Toronto July 2013 Resale Housing Statistics

Toronto July 2013 Monthly Housing Sales

August 2, 2013 — Greater Toronto Area REALTORS® reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.

 “Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.

Reflecting tighter market conditions, the average selling price for July sales was up on a year over-year basis by eight per cent to $513,246. The low-rise market segment continued to be the driver of overall price growth. It should be noted, however, that the average condominium apartment price was also up by more than the rate of inflation on an annual basis. The MLS® Home Price Index (HPI) was also up on a year-over-year basis for all major home types.

“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price July 2013

July  1 – 31

 

2013

2012

Sales

Average Price

Sales

Average Price

City of Toronto -416

3,062

$536,181

2,644

$496,810

Rest of GTA – 905

5,482

$500,436

4,694

$463,532

GTA

8,544

$513,246

7,338

$475,523

 July 1 – 31 2013

 Housing Styles

Sales

Average Price

416

905

Total

416

905

Total

Detached

986

3,143

4,129

$793,842

$597,404

$644,313

Yr/Yr % Change

20.7%

19.6%

19.8%

6.5%

8%

7.6%

Semi-Detached

340

617

957

$584,499

$416,420

$476,134

Yr/Yr % Change

28.8%

25.2%

26.4%

11.1%

6.5%

8.7%

Townhouse

351

1,033

1,384

$452,167

$379,463

$397,901

Yr/Yr % Change

12.5%

7.9%

9.1%

8.8%

6.2%

7.1%

Condo Apartment

1,353

541

1,884

$361,969

$281,044

$338,854

Yr/Yr % Change

10.6%

10.2%

10.5%

4.1%

1.0%

3.4%

 

If you are looking for additional housing statistics which breaks down sales for Toronto east and Toronto central check out the following link.

Toronto East Monthly Statistics 2013

Toronto Central Monthly Statistics 2013

 

You can also review monthly statistics for a number of specific Toronto neighbourhoods which are updated on a monthly basis.  What you will find are statistics for the monthly sales including:  days on market, average price, homes sold and sold to listing price ratio.

If you don’t see the neighbourhood you are looking for, contact me and I will try and pulled together the statistics for you.  Most of my clients find these statistics incredibly helpful in determining monthly pricing cycles and how homes are trending within the neighbourhood they are considering.