GTA and Toronto Real Estate Statistics for June 2014

July 3, 2014 - The June, 2014 Residential resale sales statistics were released today by the Toronto Real Estate Board showing that the market's march higher continued...

Numbers were up strongly in all areas and for all housing types, in terms of both the number of sales and the average price, compared to the same period one year earlier. As was the case in both 2012 and 2013, the number of sales and the average selling price both fell somewhat versus the prior month [in both prior years, May was the strongest month of the year in terms of number of sales, and the strongest for average sale price with the exception of April, 2012 when the average price was just $1,321 higher than May of that year].

Looking at specific numbers, sales of Detached homes in Metropolitan Toronto rose 19.3% to 1,312 and in the balance of the Greater Toronto Area rose 13.1% to 3,736. Average selling price was up 6.0% to $921,127 in the former, and up 7.6% to $641,972 in the latter.

The strongest growth in the number of units sold came in the Semi-Detached type within the "416", jumping 22% year-over-year to 450 sales. The average price for those sales was $672,725 (+8.8%). Sales of "Semis" in the rest of the GTA rose 12.6% to 688 units at an average price of $448,531, up 8.8%.

Resales of Condo Apartments also continued their strong rise, up 21.4% in Metro Toronto to 1,578 units at an average price of $390,569. In the rest of the GTA, sales of Condo Apartments were up 16.7% to 636 units at an average price of $309,719. (It should be noted that, in the GTA - e.g. excluding Metro Toronto - the average selling price for Condo Apartments and for "Semis" actually bucked the trend and rose compared to May, 2014.)

While the Board reported that "New Listings rose 8.3%", we maintain that the more important figure is total "Active Listings" - which continued to fall, down 6.8% compared to the end of June, 2013. In our opinion, the "Total" figure is a more accurate indicator than the "New" figure since, more and more, listings are terminated and re-written rather than simply "altered" (e.g. For a price reduction). In a hot market, sometimes listings are terminated and re-written with no significant changes at all, simply to lower the apparent "Days on Market" number or to otherwise "freshen up" the listing. Because those "re-written" listings count as "New", we prefer the "Active Listings", simply because it more accurately represents available inventory.

That "Days on Market" figure, for the record, fell again - to 22 days - year-over-year (e.g. "Houses sold 8.3% faster than in June, 2013.", the comments in the prior paragraph notwithstanding.)

Overall, the total number of sales, including all areas and all property types, rose 15.4% to 10,180 units at an average price of $568,953, up 7.4%.

The total "Active Listings" of 20,686 divided by that "Total Sales for the Month" (10,180) indicates a "Forward Inventory" of just 2.03 months: The Sellers' Market continues...we'll see what the "Dog Days of Summer" bring... enjoy the beautiful weather!

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