GTA REALTORS® Report Latest Monthly Resale Market Figures
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS Report Latest Monthly Resale Market Figures
TORONTO, February 5, 2014 – Home ownership in the
Greater Toronto Area remains affordable and there are many people looking to
purchase a home. In January, the number
of homes listed for sale was down quite strongly compared to last year, which
means that it was difficult for some buyers to find a home.
Greater Toronto Area REALTORS® reported 4,135 sales
through the TorontoMLS system in January 2014. This result was down by 2.2 per cent in
comparison to January 2013. New listings
entered into the system were down over the same period by 16.6 per cent to
8,822.
“Looking forward, it is possible that strong price
growth, and therefore an increase in home equity, will act as a trigger for
more households to list their homes for sale. This is especially the case for households whose life styles are
changing, including those with an expanding family looking for a larger home or
empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.
The average selling price for January 2014 sales was
$526,528 – up by more than nine per cent compared to $482,080 in January 2013.
“The pace of price growth will remain strong in
2014. Similar to last year, competition
between buyers for singles, semis and town homes in the City of Toronto and
surrounding regions will continue to exert upward pressure on selling
prices. At the same time, mortgage rates
will remain near historic lows, so despite strong price growth, home ownership
will remain affordable for the average household in the GTA,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis.
Summary of TorontoMLS
Sales and Average Price January 1 – 31
2014
2013
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City of Toronto (“416″)
1,551
$552,395
3,610
1,515
$509,502
4,189
Rest of GTA (“905″)
2,584
$511,001
5,212
2,714
$466,772
6,388
GTA
4,135
$526,528
8,822
4,229
$482,080
10,577
TorontoMLS Sales Average
Price By Home Type January 1 – 31,
2014
Sales
Average Price
416
905
Total
416
905
Total
Detached
463
1,413
1,876
888,210
620,654
686,688
Yr./Yr. % Change
-4.3%
-6.5%
-6.0%
14.8%
10.5%
12.0%
Semi-Detached
134
287
421
622,319
416,441
481,970
Yr./Yr. % Change
-5.0%
-8.9%
-7.7%
6.1%
6.3%
6.6%
Townhouse
174
503
677
439,401
396,320
407,393
Yr./Yr. % Change
7.4%
0.0%
1.8%
4.6%
10.4%
9.0%
Condo Apartment
767
319
1,086
366,020
299,118
346,369
Yr./Yr. % Change
7.4%
1.6%
5.6%
7.6%
11.2%
8.7%
For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca
For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.
Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com
Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 37,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com
Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2014/nr_market_watch_0114.htm
Tags: Toronto Realtor