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
Tags: Toronto Realtor