GTA REALTORS® Report Mid-Month Resale Housing Statistics
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® REPORT LATEST MID-MONTH RESALE HOUSING STATISTICS
TORONTO, April 17, 2014 — Toronto Real Estate Board
President Dianne Usher announced that the spring market started off on a strong
note in the Greater Toronto Area, with a 10.8 per cent year-over-year sales
increase reported by Greater Toronto REALTORS® during the first two weeks of
April. Sales through the TorontoMLS system over this period amounted to 4,541 units.
“The robust increase in sales speaks to the fact that home
ownership remains affordable in the GTA. The majority of home buyers purchase a home
using a mortgage. A household
earning the average income in the GTA can comfortably afford a mortgage on an
average priced home,” said Ms. Usher.
“While the persistent listings shortage in the GTA, coupled
with strong demand, has led to a brisk pace of price growth, very low
advertised mortgage rates have gone a long way to mitigating the effect of
upward trending home prices,” continued Ms. Usher.
The average selling price for April mid-month sales was
$583,697, representing an annual increase of 11 per cent. This increase was due to both tight
market conditions and a change in the mix of homes sold. At month-end, the MLS® HPI benchmark
price will provide more insight into price growth attributable solely to the
change in market conditions.
“The overall average price increase was driven by
single-detached, semi-detached and townhouse sales in the City of Toronto. There was a substantial increase in
higher-end home sales this year compared to last,” said Jason Mercer, TREB’s
Senior Manager of Market Analysis.
“This time last year, many would-be home buyers and sellers
were still on the sidelines due to changes in federal mortgage lending
guidelines, including those guideline changes that removed the government
guarantee on mortgage insurance on home sales over one million dollars. However, many of these households have
subsequently adjusted to the lending guideline changes and have recently
purchased a home,” continued Mercer.
Summary of TorontoMLS
Sales and Average Price April 1 – 14
2014
2013
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City
of Toronto (“416″)
1,648
$666,724
3,241
1,504
$575,534
3,388
Rest
of GTA (“905″)
2,893
$536,401
5,215
2,595
$497,192
5,337
GTA
4,541
$583,697
8,456
4,099
$525,937
8,725
TorontoMLS Sales Average Price By Home Type April 1-14, 2014
Sales
Average Price
416
905
Total
416
905
Total
Detached
628
1,660
2,288
1,012,172
639,322
741,660
Yr./Yr. % Change
19.4%
9.1%
11.7%
19.2%
8.1%
12.8%
Semi-Detached
165
323
488
697,580
438,068
525,813
Yr./Yr. % Change
-6.8%
16.2%
7.3%
15.8%
6.4%
8.2%
Townhouse
169
542
711
486,445
411,559
429,359
Yr./Yr. % Change
3.0%
9.1%
7.6%
19.3%
9.9%
12.2%
Condo
Apartment
676
289
965
386,874
297,172
360,010
Yr./Yr. % Change
8.2%
19.4%
11.3%
0.2%
9.4%
1.6%
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_mid_month_0414.htm
Tags: Toronto Realtor