February 2014 Resale Home Sales

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.

 

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    2014     2013  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 2,136 $599,414 4,393 2146 $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
             
             
Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 668 -8.0%   $955,314 15.7%  
Rest of GTA ("905") 2028 3.2%   $640,405 10.4%  
GTA 2696 0.1%   $718,432 11.2%  
             
Semi-Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 202 -11.8%   $668,298 8.0%  
Rest of GTA ("905") 388 4.0%   $425,052 5.6%  
GTA 590 -2.0%   $508,333 4.9%  
             
Townhouse 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 207 -8.8%   $545,043 20.7%  
Rest of GTA ("905") 634 -4.1%   $400,165 7.3%  
GTA 841 -5.3%   $435,825 10.9%  
             
Condo Apartment 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1031 9.6%   $372,628 6.0%  
Rest of GTA ("905") 463 19.6%   $290,650 3.0%  
GTA 1494 12.5%   $347,222 4.8%  
             
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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