Mid April 2014 Resale Home Sales

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.

 

Source: TREB Market Watch

 

    2014     2013  
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,648 $666,724 3,241 1504 $575,534 3,388
Rest of GTA ("905") 2,893 $536,401 5,215 2595 $497,192 5,337
GTA 4,541 $583,697 8,456 4,099 $525,937 8,725
             
             
Detached 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 628 19.4%   $1,012,172 19.2%  
Rest of GTA ("905") 1660 9.1%   $639,322 8.1%  
GTA 2288 11.7%   $741,660 12.8%  
             
Semi-Detached 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 165 -6.8%   $697,580 15.8%  
Rest of GTA ("905") 323 16.2%   $438,068 6.4%  
GTA 488 7.3%   $525,813 8.2%  
             
Townhouse 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 169 3.0%   $486,445 19.3%  
Rest of GTA ("905") 542 9.1%   $411,559 9.9%  
GTA 711 7.6%   $429,359 12.2%  
             
Condo Apartment 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 676 8.2%   $386,874 0.2%  
Rest of GTA ("905") 289 19.4%   $297,172 9.4%  
GTA 965 11.3%   $360,010 1.6%  
             

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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