The GTA housing market remained strong throughout the month of July, in fact, this past month was the second best July on record for house sales in the region, according to a recent report from the Toronto Real Estate Board, or TREB. The GTA saw plenty of real estate movement in the month of July, with 9,198 sales, 15,187 new listings and an average price of $550,700, a major increase from last year's figures of 8,367 sales, 14,040 new listings and an average price of $512,286.

The Toronto skyline at sunset, image by Jack Landau

Breaking down the GTA figures, the City of Toronto saw 3,315 sales and 5,787 new listings with an average price of $576,552. This marks a dramatic increase from last year's July figures - 3,029 sales, 5,321 new listings and an average price of $535,153.

Figures in the 905 also saw improvements from last year, with 5,883 sales, 9,400 new listings and an average price of $536,132. An increasing number of suburban development projects have significantly boosted last years figures; 5,338 sales, 8,719 new listings and an average price of $499,310.

“Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014. In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.