Mid October 2013 Resale Home Sales

Greater Toronto Area REALTORS® reported 3,460 sales through the TorontoMLS system during the first 14 days of October 2013. This result was up by 21 per cent in comparison to 2,849 sales reported during the same period in 2012. October mid-month sales were also up by 13 per cent compared to the 10-year average.

“With October mid-month sales well-above the 10-year average, it seems clear that we have more than recovered from the temporary dip in residential transactions that resulted from the onset of stricter mortgage lending guidelines,” said Toronto Real Estate Board President Dianne Usher.

“It is also important to note that the supply of ground-oriented listings remains constrained, due in part to the additional land transfer tax and stricter lending guidelines. If this were not the case, the number of sales could have been greater because more households would have been able find a home to purchase,” continued Ms. Usher.

The average selling price for October mid-month transactions was $536,301 up 7.3 per cent compared to the first 14 days of October 2012.

“Price growth has been stronger in the second half of 2013, as sales growth has outstripped growth in listings. There have been more buyers competing for available properties compared to the first half of the year, which has led to increased upward pressure on average selling prices,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.


    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,381 $589,828 2,286 1118 $535,058 2,764
Rest of GTA ("905") 2,079 $500,745 3,522 1731 $476,823 3,707
GTA 3,460 $536,301 5,808 2,849 $499,675 6,471
             
             
Detached 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 502 28.7%   $840,396 8.2%  
Rest of GTA ("905") 1181 18.1%   $603,149 6.0%  
GTA 1683 21.1%   $673,915 7.4%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 140 5.3%   $630,760 10.4%  
Rest of GTA ("905") 211 15.9%   $413,586 5.1%  
GTA 351 11.4%   $500,208 6.7%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 142 24.6%   $498,480 14.4%  
Rest of GTA ("905") 401 20.8%   $367,660 3.4%  
GTA 543 21.7%   $401,871 6.9%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
City of Toronto ("416") 582 22.0%   $391,180 10.7%  
Rest of GTA ("905") 236 31.8%   $314,109 11.0%  
GTA 818 24.7%   $368,945 10.4%  

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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