August 6, 2019 / 2:20 PM / 14 days ago

TABLE-Toronto home sales jump in July as listings growth slows

    TORONTO, Aug 6 - Growth in Toronto-area home sales outpaced an increase in
new listings in July, as potential buyers adjusted to stricter mortgage rules
that came into effect in 2018, the Toronto Real Estate Board said in a release
on Tuesday.
    Total home sales climbed 24.3% from a year earlier, while listings only rose
by 3.7%. The average home price rose 3.2%.
    "We're seeing growing pent-up demand for ownership housing, especially as
the number of (Greater Toronto Area) households continues to increase by 40,000
to 50,000 each year due to strong population growth," TREB Chief Executive John
DiMichele said in the release. 
    This could lead to "a chronically under-supplied marketplace and an
acceleration of home price growth to unsustainable levels," he added.
    
                   JULY          JUNE       July 2018    YR/YR PCT CHANGE
 TOTAL SALES    8,595        8,860         6,916         24.3%
                                                         
 AVERAGE PRICE  C$806,755    C$832,703     C$781,918      3.2%
 NEW LISTINGS   14,393       15,816        13,873         3.7%
 After preliminary seasonal adjustment
                   JULY       MTH/MTH PCT CHANGE
 SALES          7,857       5.1%
 AVERAGE PRICE  C$829,164   2.1%
 Sales by type of property
                          JULY         YR/YR PCT CHANGE
 DETACHED           3,941              29.7%
 SEMI-DETACHED      859                42.0%
 TOWNHOUSE          1,415              21.6%
 CONDO APARTMENT    2,277              14.3%
  Average price by type of property 
                          JULY         YR/YR PCT CHANGE
 DETACHED           C$995,043          -0.9%
 SEMI-DETACHED      C$786,974           5.3%
 TOWNHOUSE          C$660,251           4.3%
 CONDO APARTMENT    C$584,019           6.7%
 
 (Reporting by Nichola Saminather
Editing by Paul Simao)
  
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