Home sales, average prices, climb higher in July: TREB

The Toronto Real Estate Board (TREB) says residential home sales in the Greater Toronto Area climbed 18.6 per cent higher in July compared to the same month a year ago.

The average selling price of the 6,961 homes that changed hands during the month rose 4.8 per cent on an annual basis to $782,129.

TREB also reports 13,868 new listings during the month, including 4,511 in Toronto alone, but the overall GTA figure was down by 1.8 per cent year-over-year.

The city recorded 2,574 sales in July at an average price of $824,336, while in the rest of the GTA, the 4,387 properties sold last month fetched an average price of $757,365.

Detached homes sold in Toronto were the most expensive, with an average price of $1,350,700 million.

The average detached home price in the rest of the GTA was $907,347.

``Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging,'' said TREB president Garry Bhaura.

``The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes.''

TREB said while the MLS home price index composite benchmark during the month was down slightly compared to July 2017, the annual growth rate ``looks to be trending toward positive territory in the near future.''