The laws of supply and demand are at work again in the GTA during the first two weeks of October with sales up 12 per cent while new listings only grew 6 per cent. This combination of strong demand for homes and lower supply pushed the average selling price of homes in the GTA up 8.8 per cent to $583,719.
Sales growth in the GTA is sourcing from all home types with detached and semi-detached leading the charge growing at 17.4 per cent and 17.9 per cent respectively. Although sales of condos are up 7 per cent in the first half of October, prices are soft with average price down 2.7 per cent versus the same period in 2013, potentially as a result of better supply.
Overall, the Greater Toronto Area remains a strong sellers market and the Toronto Real Estate Board expects this trend to continue for the remainder of 2014 and in to 2015.