The Greater Toronto Realtors have just released the latest sales report. Last month, there were 4,446 transactions reported through the TorontoMLS system, which represents a 9.6 per cent increase from December 2013, which saw 4,058 sales. The average selling price also saw an increase to $556,602 last month from $520,189 the same time last year, which is a 7.0 per cent rise.
These upward trends mirrored those seen throughout the year. Looking at the year as a whole, the year of 2014 had 92,867 sales reported, representing a 6.7 per cent increase over 2013’s 87,049 sales figure, a number that was just shy of topping record sales seen in 2007. Similarly, the overall average selling price in 2014 was $566,726, which is an 8.4 per cent increase over 2013’s average selling price of $522,809.
Speaking of these numbers, Toronto Real Estate Board President Paul Etherington stated, “TREB's 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household's ability to comfortably cover their monthly mortgage payments.”
What about the significant growth in sale price in 2014? This “can be explained with two words: listings shortage,” said Jason Mercer, TREB's Director of Market Analysis. He noted that this was particularly apparent with detached, semis and towns, and added that “the number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers.”
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