GTA and Toronto Real Estate Statistics

GTA and Toronto Real Estate Statistics - July 2013

August 2, 2013 - Residential sales figures released today by the Toronto Real Estate Board show a continuation of the market's stronger performance in June as compared to previous months.

Numbers were very strong in July, particularly in the "Freehold" sectors of the market [e.g. Detached, Semi-Detached & Freehold Townhomes]. The Condo Apartment market also showed strength in number of units sold - along with a modest increase in average price.

While the Board reported, "Reflecting tighter market conditions, the average selling price for July sales was up on a year-over-year basis by eight per cent...", some industry observers claimed that the statement was merely "Grandstanding" because that average sale price was down about 3.4% compared to the prior month [June, 2013]. However, July prices are very often lower than June because of seasonal demand...the "Spring Market". In fact, reflecting the identical pattern to last year, prices rose each month from January through May, then began to taper off in June - and softened still further in July. The Average Price for August, 2012, was marginally higher than July, 2012...followed by a 5% increase in September as summer faded and the fall market kicked in.

We'll see what this year's late-summer-to-fall transition brings, though CMHC has just moved once again to "take steam out of the housing market" by limiting the guarantees it offers to mortgage lenders.

Looking at specific year-over-year figures, sales of detached homes rose 20.7% in the 416, and 19.6% in the 905 - an overall increase of 19.8% to 4,129 units. Average Price was up 6.5% to $793,842 in the former and 8% to $597,404 in the latter - an overall increase of 7.6% to $644,313.

Sales of Semi-Detached homes shot up a combined 26.4% - perhaps because the average price of $476,134 [up 8.7% year-over-year] represents an attractive balance between the price of a Detached home and the recently [very] wobbly Condo Apartment market.

Even that Condo Apartment market showed some strength, however, with unit sales up 10.5% overall. Average price rose 4.1% to $361,969 in the 416 and 1% to $281,044 in the 905.

The overall average price including all housing types rose 7.9% to 513,246; overall number of sales including all types rose 16.4% to 8,544. The average time it took to sell was virtually unchanged at 27 Days on the Market [versus 26 in July, 2012].

Available inventory remains quite tight with only a one percent increase in Active Listings to 20,514. Based on the 8,544 units sold in July, this Active Listings total indicates a forward supply of 2.4 months of inventory.

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