Numbers are up across the board for July 2013 in Toronto! As we head into the final stretch of summer, the market continues to be strong. I believe the fall market is again headed for record numbers. Year-over-year; prices and demand (sales) were up in July. Supply has remained relatively flat (only a 1% increase) – this means supply is needed to meet with the increasing demand.
Have questions after reading this update? I’m happy to elaborate on any of the data and insights in this report or provide you with neighborhood-specific figures. Just send me an email or give me a call at 416-690-2181 to discuss.
Even though home prices were down from last month (normal seasonal fluctuations), average home prices where up 7.9% year-over year. The average sale price in July 2013 was $513,246, up from $475,532 in July 2012.
The graph below shows a running tally of month-by-month averages prices in 2012 and 2013:
Sales volumes skyrocketed in July 2013, up 15.4 percent from the previous year. 8,533 homes were sold in July 2013, up from 7,338 from July 2012.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
| Supply vs. Demand | ||
|---|---|---|
| Jul 2012 | Jul 2013 | |
| Demand | 7,338 | 8,544 |
| Supply | 20,318 | 20,514 |
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). June 2013 and Year-to-Date (YTD) cumulative totals
| Overall Toronto Average Prices by Type | ||
|---|---|---|
| Jul 2013 | YTD | |
| Detached | $644,313 | $655,464 |
| Semi-Detached | $476,134 | $481,675 |
| Attached/Row | $445,692 | $435,006 |
| Townhouse | $352,271 | $345,972 |
| Condo Apt | $338,854 | $341,163 |
Thanks for reading my market update. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help!