GTA REALTORS® Report Latest Monthly Resale Housing Market Figures

Posted by: Toronto Real Estate Admin / Category: Toronto Realtor


 

 


GTA REALTORS Report Latest Monthly Resale Housing Market Figures

 

TORONTO, March 5, 2014 Toronto Real Estate Board President Dianne Usher announced that February 2014
home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent
compared to the same period last year.  Total February sales amounted to 5,731 compared to 5,613 last year.

 

“Despite the continuation
of inclement weather in February, we did see a moderate uptick in sales
activity last month.  The sales increase
was largely driven by resale condominium apartments.  New listings of resale condominium apartments
were up on a year-over-year basis, giving buyers ample choice.  This is in contrast to the listings situation
for singles, semis and townhomes, where supply continued
to be constrained.  Some would-be buyers
had difficulty finding a home that met their needs,” said Ms. Usher.

 

“If we see renewed growth
in listings for low-rise home types, the pace of sales growth will accelerate
as we move through the year,” Ms. Usher continued.

 

The average selling price
for February 2014 sales was up by 8.6 per cent to $553,193, compared to the
average of $509,396 reported for February 2013.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per
cent year-over-year.

 

“While the strong price
growth experienced over the last year should prompt an improvement in the
supply of listings, sellers’ market conditions will continue to prevail this
year.  Home prices, on average, will
trend upwards at a pace well-above the rate of inflation.  The impact of strong price growth on
affordability will be mitigated by low borrowing costs,” said Jason Mercer,
TREB’s Senior Manager of Market Analysis.

 

 

Summary
of TorontoMLS Sales and Average Price
February 1 – 28

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto (“416″)

2,136

$599,414

4,393

2,146

$550,543

4,302

Rest of GTA (“905″)

3,595

$525,731

6,504

3,467

$483,926

6,703

GTA

5,731

$553,193

10,897

5,613

$509,396

11,005

TorontoMLS
Sales Average Price By Home Type
February 1 – 28, 2014

Sales

Average
Price

416

905

Total

416

905

Total

Detached

668

2,028

2,696

955,314

640,405

718,432

Yr./Yr.
% Change

-8.0%

3.2%

0.1%

15.7%

10.4%

11.2%

Semi-Detached

202

388

590

668,298

425,052

508,333

Yr./Yr.
% Change

-11.8%

4.0%

-2.0%

8.0%

5.6%

4.9%

Townhouse

207

634

841

545,043

400,165

435,825

Yr./Yr.
% Change

-8.8%

-4.1%

-5.3%

20.7%

7.3%

10.9%

Condo Apartment

1,031

463

1,494

372,628

290,650

347,222

Yr./Yr.
% Change

9.6%

19.6%

12.5%

6.0%

3.0%

4.8%

 

 

 

 

 

 

 
 

 

 

 

 
 
 
 

 

 

 

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_0214.htm

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