Market Overview

GTA REALTORS(R) Release Monthly Resale Housing Figures

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TORONTO, ONTARIO--(Marketwired - Aug. 6, 2015) - Toronto Real Estate Board President Mark McLean announced record home sales for the month of July. Greater Toronto Area REALTORS(R) reported 9,880 sales through TREB's MLS(R) System, representing an eight per cent increase compared to July 2014. The number of transactions were up for all major home types, including a double-digit year-over-year increase in condominium apartment sales.

"As we move towards a new record for home sales this year, it is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been performing quite well, with the unemployment rate lower compared to last year. Home buyers remain confident in the long-term benefits of owning a home," said Mr. McLean.

The MLS(R) Home Price Index (HPI) Composite Benchmark, which accounts for benchmark home prices in communities throughout the TREB market area, was up by 9.4 per cent year-over-year in July 2015. Over the same period, the average selling price was up by a slightly greater amount, growing by 10.6 per cent annually to $609,236.

Detached homes continued to lead the way in terms of price increases, with annual growth in the average selling price outstripping growth in the MLS(R) HPI detached benchmark. This suggests that there continued to be a greater share of high-end homes sold this year compared to last.

"With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015," said Jason Mercer, TREB's Director of Market Analysis.



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Summary of TorontoMLS Sales and Average Price July 1 - 31, 2015
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2015 2014
Average New Average New
Sales Price Listings Sales Price Listings
City of Toronto ("416") 3,480 618,202 5,681 3,300 576,469 5,756
Rest of GTA ("905") 6,400 604,361 9,018 5,852 536,052 9,325
GTA 9,880 609,236 14,699 9,152 550,625 15,081
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TorontoMLS Sales & Average Price By Home Type July 1 - 31, 2015
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Sales Average Price
416 905 Total 416 905 Total

Detached 1,031 3,696 4,727 996,770 729,261 787,607
Yr./Yr. % Change -0.7% 9.5% 7.1% 13.3% 14.2% 13.2%
Semi-Detached 324 668 992 716,160 499,821 570,480
Yr./Yr. % Change -2.4% 10.6% 6.0% 12.7% 10.4% 10.2%
Townhouse 369 1,171 1,540 536,212 448,785 469,733
Yr./Yr. % Change -1.9% 5.2% 3.4% 8.3% 11.5% 10.3%
Condo Apartment 1,730 699 2,429 394,504 317,564 372,363
Yr./Yr. % Change 13.7% 16.3% 14.4% 4.0% 5.0% 4.1%
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July 2015 Year-Over-Year Per Cent Change in the MLS(R) HPI
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Single- Single-
Composite Family Family
(All Types) Detached Attached Townhouse Apartment
TREB Total 9.4% 10.9% 10.6% 9.5% 3.9%
Halton Region 9.0% 9.2% 9.2% 7.8% -
Peel Region 9.0% 9.7% 10.1% 9.2% 3.2%
City of Toronto 6.9% 8.8% 7.9% 8.7% 3.8%
York Region 13.5% 14.4% 14.6% 11.9% 4.3%
Durham Region 13.2% 13.3% 14.5% 10.8% 8.0%
Orangeville 7.5% 7.6% 6.7% - -
South Simcoe
County(1) 11.5% 11.0% 11.8% - -
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Greater Toronto REALTORS(R) are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 40,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.



(1) South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury,
Essa, Innisfil and New Tecumseth.



FOR FURTHER INFORMATION PLEASE CONTACT:
Media Inquiries: Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

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