Mid November 2013 Resale Home Sales

Greater Toronto Area REALTORS® reported 3,131 residential transactions through the TorontoMLS system during the first two weeks of November 2013. This result represented a 21 per cent year-over-year increase compared to 2,582 sales reported during the same timeframe in 2012. Over the same period, new listings were down by more than four per cent.

"The results for mid-November indicate that GTA households remain comfortable with the costs of home ownership," said Toronto Real Estate Board President Dianne Usher. "If not for the persistent shortage of listings for most home types, we would likely be experiencing an even higher level of sales as more buyers would be able to make a deal on a home meeting their needs."

The average selling price for November 2013 mid-month transactions was $538,708, representing an 11 per cent increase compared to $485,988 in 2012.

"More buyers competing for a smaller number of listings has translated into an accelerating pace of price growth. This theme has been most prevalent in the low-rise market segment, including single-detached and semi-detached houses and townhomes. However, it is important to note that the condominium apartment market has also become tighter," said Jason Mercer, TREB's Senior Manager of Market Analysis.

 

    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,259 $598,924 2,049 1025 $518,825 2,196
Rest of GTA ("905") 1,872 $498,210 2,941 1557 $464,371 3,018
GTA 3,131 $538,708 4,990 2,582 $485,988 5,214
             
             
Detached 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 468 43.1%   $845,883 11.5%  
Rest of GTA ("905") 1067 19.5%   $595,545 7.7%  
GTA 1535 25.8%   $671,869 10.5%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 133 6.4%   $662,447 10.9%  
Rest of GTA ("905") 202 24.7%   $427,599 10.1%  
GTA 335 16.7%   $520,837 8.6%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 125 5.9%   $477,096 9.3%  
Rest of GTA ("905") 352 20.1%   $378,518 6.9%  
GTA 477 16.1%   $404,351 7.0%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 526 19.8%   $395,865 14.1%  
Rest of GTA ("905") 205 15.8%   $274,664 -0.6%  
GTA 731 18.7%   $361,876 10.8%  
             

Source: TREB

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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