Mid March 2014 Resale Home Sales

Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported 3,459 transactions through the TorontoMLS system during the first two weeks of March 2014. This result for the TREB market area as a whole was virtually unchanged in comparison to 3,464 transactions completed during the same period in 2013.

“Despite the poor weather conditions experienced during the first half of March, an abundance of willing buyers were actively searching for a home to purchase. However, many of these people continued to be affected by the enduring shortage of single-detached, semi-detached and townhouse listings, which means that in some cases they could not find a home on which to make an offer, or they were facing stiff competition from other buyers,” said Ms. Usher.

For all home types combined in the GTA, the average selling price was $560,948 - up by almost six per cent in comparison to the average price for the same time frame in 2013. The semi-detached market segment in the City of Toronto led the way in terms of price growth during the first 14 days of March, with a year-over-year increase of more than ten per cent.

"Semi-detached houses represent a more affordable ownership option for some households. Because of this, some semi-detached listings have attracted many interested buyers. This competition has served to exert strong upward pressure on the average selling price," said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The average single-detached price was down slightly in the City of Toronto year over year because of a smaller share of luxury deals this year compared to last. Tight market conditions will continue to drive strong detached price growth in 2014,” added Mercer.

Source: TREB

    2014     2013  
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,293 $609,199 2,321 1352 $583,968 2,614
Rest of GTA ("905") 2,166 $532,143 4,030 2112 $496,532 4,408
GTA 3,459 $560,948 6,351 3,464 $530,658 7,022
             
             
Detached 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 445 -2.2%   $902,425 -0.5%  
Rest of GTA ("905") 1243 3.6%   $638,555 6.0%  
GTA 1688 2.0%   $708,118 3.2%  
             
Semi-Detached 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 125 -8.8%   $691,279 10.6%  
Rest of GTA ("905") 227 -4.2%   $436,093 9.5%  
GTA 352 -5.9%   $526,713 9.4%  
             
Townhouse 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 129 -7.9%   $479,934 7.8%  
Rest of GTA ("905") 425 11.8%   $406,839 8.3%  
GTA 554 6.5%   $423,859 7.5%  
             
Condo Apartment 2014 Sales VYA   Average Price VYA  
City of Toronto ("416") 583 -4.3%   $399,207 8.3%  
Rest of GTA ("905") 227 -7.3%   $288,682 4.9%  
GTA 810 -5.2%   $368,233 7.7%  

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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