Toronto & GTA Real Estate Figures

Toronto & GTA Real Estate Figures - July 2015

August 6, 2015 - Another month, another record for MLS® home sales in Toronto & The GTA. The Toronto Real Estate Board today released the statistics for the month of July, 2015, which showed continued strength in the residential housing market. Sales of homes continue to be supported by, of course, low rates for mortgage borrowing, and also by decent economic numbers for the GTA with the Unemployment Rate lower than it was this time last year.

Detached homes continued to be the strongest group in terms of price growth. In Metropolitan Toronto, the average selling price for a Detached home was $996,770, up 13.3%. 1,031 sold in the Metro area, down 0.7%. All figures are year-over-year, unless otherwise noted.

In the balance of the Greater Toronto Area the average price for Detached sales was $729,261, up 14.2%, on 3,696 sales, up 9.5%.

Overall that comes to 4,727 Detached homes sold, up 13.2%, at an average price of $787,607, up 13.2%.

Sales of Condo apartments continued to be very strong in both Toronto and the surrounding areas, though price growth was not as strong it was for the "Freehold" [e.g. non-condominium] home types.

There were 1,730 Condo Apartment sales in Metro Toronto reported via Toronto MLS®, up 13.7%, at an average price of $394,504, up 4.0%. In the balance of the GTA there were 699 sales, up 16.3%, at an average sale price of $317,564, up 5.0%.

Homes sold "8.3% faster" this July compared to last at 22 days on the market ["DOM"] versus 24 days last July.

One of the most telling statistics is the number of Total Active Listings which was down yet again - significantly - at 16,673 available properties: A 14.7% drop versus last year.

Based on overall sales of 9,880 for the month, this represents a "Forward Invertory" of just 1.69 months. Very tight by historical
standards.

Here are some Toronto & GTA home price stats over the past decade along with last year's month-by-month average prices. Note that prices tend to soften somewhat in the summer and winter months, with the strongest months being, of course, spring and - to a lesser extent - fall.

Where do you think home prices will be one year from now??

We'd love to hear your comments below! ...and we hope you're loving the beautiful summer weather!

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