December 2014 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.

"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," said Mr. Etherington.

The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013 to $566,726. This included a seven per cent increase in the December 2014 average selling price to $556,602. Throughout 2014, annual increases in the average selling price and the MLS® HPI Composite Benchmark were consistently reported on a monthly basis for most market segments, from detached homes through to condominium apartments.

"The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. 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," said Jason Mercer, TREB's Director of Market Analysis.


December 2014 2013
2014 Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 1,762 $574,539 1,899 1568 $542,155 1,692
Rest of GTA ("905") 2,684 $544,828 2,549 2,490 $506,356 2,370
GTA 4,446 $556,602 4,448 4,058 $520,189 4,062
Detached 2014 Sales VYA Average Price VYA
Sales City of Toronto ("416") 521 17.1% $934,039 8.0%
Rest of GTA ("905") 1451 7.3% $668,063 6.6%
GTA 1972 9.7% $738,334 7.7%
Semi-Detached 2014 Sales VYA Average Price VYA
Sales City of Toronto ("416") 128 -5.9% $615,794 -4.4%
Rest of GTA ("905") 283 24.1% $451,314 9.9%
GTA 411 12.9% $502,539 0.9%  
 
Townhouse 2014 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 174 1.8% $474,874 5.9%  
Rest of GTA ("905") 503 5.2% $420,105 9.4%  
GTA 677 4.3% $434,181 8.3%  
 
Condo Apartment 2014 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 924 16.1% $387,612 5.4%  
Rest of GTA ("905") 368 -1.6% $300,352 2.2%  
GTA 1292 10.4% $362,758 5.4%  
 
Source: Market Watch Monthly News Release  

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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