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Wednesday, August 13, 2014

July Numbers up 10%

Toronto Real Estate Board President Paul Etherington reported strong year-over-year growth for July 2014 sales and the average selling price. Sales reported by TREB Members through the TorontoMLS system were up by 10 per cent to 9,198. This was the second-best July sales result on record.

“The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable home ownership options in the Greater Toronto Area. Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth. The result was average price growth well-above the rate of inflation,” said Mr. Etherington.

The average selling price for July 2014 sales was $550,700 – up by 7.5 per cent compared to July 2013. The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of 11 per cent. The better-supplied condominium apartment segment experienced average price growth of 5.3 per cent for the GTA as a whole.

“Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014. In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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Q2 Sales Jump!

New Toronto Condo Sales took a huge jump partly due to rental demand.
A huge demand for rentals absorbed a huge supply of new projects satisfying both Toronto renters and  Condo investors.
Condo sales rose 10 per cent to 6,553 in the three months ending in June from the same time last year.
The average Toronto Condo price was $367,010, up 5.5 per cent in the first quarter.
According to the Toronto Real Estate Board about a quarter of new Condos are purchased by investors who rent out their units to residents in Toronto where the supply of rental apartments are limited.
Last year there were 58,659 Condos under construction with about 19,000 scheduled for completion in 2014.
The Toronto Condo market consists of young professionals, baby boomers and families who find Condominiums a more affordable option to housing in Toronto.
looking for information on Toronto condos or Toronto lofts check it all out at

By the numbers on Toronto Condos

A recent CMHC survey reveals 17% of Condos in Toronto and Vancouver are investor owned.
This survey stated 58% on these investors plan on keeping their Condos more than 5 years with 18% planning on holding these units 2-5 years and 7.6% plan on keeping their Condos less than two years.
CMHC also found that 12% of Condo investors planned on reselling their unit for profit within 1 year of purchase.
Over 42% of Condo investors had no mortgage on their last purchased Condominium.
The survey also found that 82.9% of Toronto and Vancouver Condo buyers were homeowners.
looking for information on Toronto condos or Toronto lofts check it all out at