Average Toronto home price reaches $609,236 in record-breaking July

A record number of Toronto-area homes sold in July, with the average selling price reaching $609,236 for the month.

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Toronto Real Estate Board President Mark McLean said 9,880 homes sold in the Greater Toronto area in July 2015, representing an 8 per cent increase from the sales in July 2014.

In a report released Thursday, McLean said the sales broke the sales record for July, a month that's typically slower for the real estate industry.

"It is important to point out that home ownership demand has been driven not only by low borrowing costs, but also by the fact that the GTA economy has been preforming quite well," McLean said in the report.

Average July sale price up

The TREB report found that the average sale price in the GTA was $609,236 for the month of July, up 10.6 per cent from July 2014, when the average was $550,625.

The average sale price reached a record high for the month of July, but is actually lower than the average price in June.

 

Annual record may be broken

According to the TREB, Toronto is on track to breaking the record for number of homes sold in a year, which was set in 2007.

The TREB said 93,193 homes were sold in the area in 2007, with an average selling price of $327,236.

So far, TREB has recorded 64,514 sales in 2015.

Records have been broken so far this year in April, May, June and July. Monthly sales have been higher year-over-year every month of 2015, compared to sales from last year.