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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