March 2014 Resale Home Sales

Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported strong year-over-year increases in TorontoMLS home sales and the average selling price in March 2014. Home ownership affordability, backstopped by low borrowing costs, continued to be a key factor underlying this growth.

A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to March 2013. Sales growth was much stronger in March compared to the first two months of the first quarter. Sales for Q1 as a whole were up by three per cent compared to the first three months of 2013.

“Sales activity in the GTA accelerated last month. Compared to last year, a greater number of buyers found affordable home ownership options, as evidenced by sales growth for all major home types. Against this backdrop, however, overall inventory at the end of March remained lower than last year. This means competition between buyers increased, which is why the average selling price continued to climb,” said Ms. Usher.

The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average reported for March 2013. The average price for the first quarter of 2014 was up by 8.5 per cent year-over-year.

“With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings. Strong price growth will be the result for the remainder of 2014. If the pace of price growth experienced in the first quarter is sustained, TREB may revise its outlook for the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

    2014     2013  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 2,978 $597,401 5,625 2826 $560,661 5,470
Rest of GTA ("905") 5,103 $534,506 9,204 4,711 $491,180 9,148
GTA 8,081 $557,684 14,829 7,537 $517,232 14,618
             
             
Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1011 6.5%   $898,332 6.8%  
Rest of GTA ("905") 2926 8.8%   $644,237 9.3%  
GTA 3937 8.2%   $709,487 8.3%  
             
Semi-Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 303 1.0%   $658,429 8.7%  
Rest of GTA ("905") 556 0.0%   $436,630 8.4%  
GTA 859 0.4%   $514,867 8.6%  
             
Townhouse 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 304 2.7%   $483,639 7.7%  
Rest of GTA ("905") 958 10.6%   $404,664 9.2%  
GTA 1262 8.6%   $423,688 8.5%  
             
Condo Apartment 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1331 6.9%   $384,865 5.1%  
Rest of GTA ("905") 554 14.5%   $290,637 4.3%  
GTA 1885 9.0%   $357,172 4.6%  
             
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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