Toronto Real Estate Board Mid-Month Statistics - July 2016

Realtors in the Greater Toronto Area region reported 4,428 residential sales through TREB's MLS system during the first two weeks of July. This number represented a 3 per cent increase from the same time period last year.

Sales growth exceeded the growth of new listings suggesting that strong seller's market conditions remained particularly for low-rise type homes such as single-family homes, semi-detached homes and townhouses.

Although there has been a limited number of new listings, there is still a strong demand for homeownership which has been seen throughout the year. This trend has resulted in double-digit annual average price growth for low-rise type homes. Strong single-digit growth for the average condominium apartment price was also seen.

The average price for a GTA home during the first two weeks of July was $707,303. This figure represents a 15.9 per cent increase from the same period last year. During the first two weeks of July 2015, the average price of a GTA home was $610,205.

A strong regional economy and very low interest rates in comparison to other areas around the country has kept GTA households confident in their ability to buy and pay for a home in the long term. A lack of listings in many areas have also influenced strong price growth.

Reference:

Toronto Real Estate Board