Although July weather temperature was at record lows, the Toronto Real Estate Market was heating up. With the second best July sales on record, Toronto home sales and prices were up again this month.
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July 2014 home sales were up 10 per cent making it the second-best sales result on record. The average selling price of homes was also up 7.5 per cent to $550,700 with the strongest increases coming from detached homes, which are up 11%. With sales growth out-pacing listing growth of 8.2 per cent, Toronto remains a strong sellers market. There is some relief for condo buyers as the average price rose less than single family homes at only 5.3% as a result for a greater supply. With the average days on market down 14 per cent versus July 2013, homes this month sold quicker and for a higher price.
